Friday, June 22, 2012

Farrer Drive site attracts top bid of S$113.2m

A residential site (pictured) at Farrer Drive has received a total of six bids with the highest offer of S$113.2 million coming from SingLand Development.

The 99-year leasehold site, launched under the reserve list of the Government Land Sales (GLS) Programme, was put up for tender on 24 May. It has a total area of 6,268.3 sq m and a maximum gross floor area (GFA) of 10,030 sq m.

Commenting on the number of bids, Tan Tiong Cheng, Chairman of Knight Frank said: “Developers have become more selective which site to bid for. And especially for a plot like this which is not catering to the mass market, they may have decided to stay away given the current lukewarm state of the mid- and high-end residential segments.”

The second highest bid came from Far East SOHO at S$102.7 million, while the lowest offer was submitted by Sherwood Development at S$91.53 million.

Michael Ng, Group General Manager of SingLand and its parent company UIC, said that the site could house a “discreet, private and boutique condo set amongst lush greenery and a good low-density residential neighbourhood”.

SingLand has proposed a 100-unit development comprising mostly of two-bedders around 1,000 sq ft each and some smaller units, as well as basement car parking and ‘good quality’ specifications.

A final decision on the award of tender will be made after all the bids have been evaluated.

View the original article here

Source From Property Guru

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