{"id":51644,"date":"2017-04-12T05:15:32","date_gmt":"2017-04-11T22:15:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/24-bids-received-for-toh-tuck-road-site\/"},"modified":"2017-04-12T05:38:48","modified_gmt":"2017-04-11T22:38:48","slug":"24-bids-received-for-toh-tuck-road-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/24-bids-received-for-toh-tuck-road-site\/","title":{"rendered":"24 bids received for Toh Tuck Road site"},"content":{"rendered":"


\nThe 99-year leasehold site in Upper Bukit Timah saw fierce bidding from developers looking to replenish their land banks. Image source: URA
\nA 1.87ha residential site at Toh Tuck Road in Upper Bukit Timah attracted overwhelming interest from property developers, with a total of 24 bids submitted after the tender exercise closed on Tuesday (11 April), said the Urban Redevelopment Authority (URA).
\nLaunched for sale on 28 February 2017, the 99-year leasehold site has a maximum permissible gross floor area of 282,122 sq ft. The future development is expected to yield 325 units.
\nMalaysian developer S P Setia submitted the highest bid of $265 million for the plot, which works out to $939 psf per plot ratio (psf ppr). This was followed by SingHaiyi Investments with a bid of $260.2 million ($922 psf ppr) and Centrex Developments which offered to pay $250.9 million ($889 psf ppr).
\nOng Teck Hui, National Director, Research & Consultancy at JLL, said it was \u201cbewildering\u201d to see so many parties contest for the site, adding that the top bid was \u201cwell above expectations\u201d.
\n\u201cBidding was particularly aggressive among the top five bidders, which was within a 10.4 percent price range and upwards of $850 psf ppr, suggesting that they shared a similar bullish market outlook. The optimistic top bid suggests that the project is likely to be launched at prices above current levels,\u201d said Ong.
\nDesmond Sim, Head, CBRE Research, Singapore and South East Asia, explained that the high number of bids reflects the eagerness of home builders to shore up their land banks in the face of a dwindling number of residential plots for sale.
\n\u201cThis is a very clear indication that the window of opportunity through government land sales has tightened. The plot\u2019s attractive quantum of $265 million gave developers\u2019 the extra nudge, along with increasing confidence in the market\u2019s possible recovery in the medium term. The bid value may be relatively high, but the manageable project size of around 325 units makes it a less risky proposition,\u201d noted Sim.
\nLocated within an established residential estate, the site is close to shopping centres, eateries and established schools, including Ngee Ann Polytechnic. The Beauty World MRT station is also nearby.
\nA decision on the award of the tender will be made after the bids have been evaluated, said the URA.
\nPhoto: URA
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…24 bids received for Toh Tuck Road site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 99-year leasehold site in Upper Bukit Timah saw fierce bidding from developers looking to...<\/p>\n","protected":false},"author":1,"featured_media":51645,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-51644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Aerial-view-of-the-site-at-Toh-Tuck-Road.jpg?fit=797%2C299&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dqY","jetpack-related-posts":[{"id":117470,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-jalan-anak-bukit-site-for-tender\/","url_meta":{"origin":51644,"position":0},"title":"URA launches Jalan Anak Bukit site for tender,","date":"July 1, 2020","format":false,"excerpt":"\r URA envisions the site as a distinctive development and identity marker for the Beauty World precinct. Photo: URA The Urban Redevelopment Authority (URA) on Tuesday (30 June) launched a concept and price revenue tender for a commercial and residential site at Jalan Anak Bukit under the Government Land Sales\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52265,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sp-setia-bags-toh-tuck-road-for-s265m\/","url_meta":{"origin":51644,"position":1},"title":"SP Setia bags Toh Tuck Road for S$265m","date":"April 19, 2017","format":false,"excerpt":"\r Image: Artist impression of Eco Sanctuary by SP Setia The Urban Redevelopment Authority (URA) announced on Tuesday (18 April) that a 18,721 sq m. (201,511 sq ft.) residential site at Toh Tuck Road in Singapore has been awarded to a subsidiary of Malaysian developer SP Setia after it submitted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jalan-anak-bukit-site-awarded-to-far-east-organization-sino-group\/","url_meta":{"origin":51644,"position":2},"title":"Jalan Anak Bukit site awarded to Far East Organization, Sino Group","date":"August 31, 2021","format":false,"excerpt":"\r Jalan Anak Bukit site awarded to Far East Organization, Sino GroupURA said the winning concept proposal \u201cis compelling in its well-considered site planning, design response to tropical climate and integration of the various uses and public spaces\u201d. The tender for a commercial and residential site at Jalan Anak Bukit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/jalan-anak-bukit-gls-2020-crop.png?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":82336,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/goodluck-garden-sold-to-qingjian-for-610m\/","url_meta":{"origin":51644,"position":3},"title":"Goodluck Garden sold to Qingjian for $610m","date":"March 9, 2018","format":false,"excerpt":"\r The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank) Goodluck Garden, a 210-unit freehold condominium along Toh Tuck Road, has been sold through a collective sale to Chinese developer Qingjian Group for $610 million, which is about 10 percent above the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97776,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oxleys-mayfair-gardens-to-preview-this-weekend\/","url_meta":{"origin":51644,"position":4},"title":"Oxley\u2019s Mayfair Gardens to preview this weekend","date":"September 13, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Mayfair Gardens, an upcoming high-end condo in Bukit Timah. Mayfair Gardens, a high-end private condominium with 215 units along Rifle Range Road in Bukit Timah, is set to open for preview this weekend (15-16 Sept), according to its developer Oxley Holdings. Inspired by the buildings in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84564,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/perennial-and-qingjian-to-jointly-develop-goodluck-garden\/","url_meta":{"origin":51644,"position":5},"title":"Perennial and Qingjian to jointly develop Goodluck Garden","date":"April 5, 2018","format":false,"excerpt":"\r The freehold site off Upper Bukit Timah is close to Beauty World MRT station. (Photo: Knight Frank) Perennial Real Estate Holdings has formed a 40-60 joint venture with China-based Qingjian Group to jointly develop the Goodluck Garden residential site at Toh Tuck Road off Upper Bukit Timah. This marks\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51644"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=51644"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/51645"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}