The bidding war for residential sites has escalated further in this tender, driven by bidders’ determination to secure this attractive site in a market that is potentially recovering. Located adjacent to the Woodleigh MRT station and across the road from the future commercial/residential development, in a new housing sub-market that is in strong demand, the subject parcel was just too irresistible to many of the bidders, accounting for their bullish bids.
About half of the bids were above expectations with the top 4 bids within a tight 3.6 percent margin. With the top bid of $1,110 psf/pr by CEL, the break-even is estimated to be close to $1,600 psf, suggesting that units are likely to be priced optimistically when they are launched.
