An overwhelming 24 bids were submitted for the tender of a residential plot in Toh Tuck Road. This was the second highest number of bids submitted in a residential government land sales (GLS) tender since 2009, when the tender for a parcel in Westwood Avenue attracted 32 bids.
More recently, in November 2012, a tender for an Upper Bukit Timah plot also came close, garnering 23 bids; it was won by World Class Developments, a unit of Aspial Corporation, which developed it into the 60-year leasehold “retirement resort”, The Hillford.
In the latest tender results, Malaysian property developer SP Setia International put in the highest bid at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr). The results completely exceeded property consultants’ earlier expectations of up to 16 bidders, with the highest bid at no more than S$750 psf ppr.
The subject site is located along Upper Bukit Timah, nestled within an established residential estate of both public and low-rise private housing surrounded by amenities including local and international schools, tertiary institutions, shopping centres and transport nodes.