16 Jan 2017, 02:30AM
11 bids were received for a site near Farrer Park MRT station, Perumal Road. Low Keng Huat Ltd, a local developer tendered the top bid of $174.08 million ($1,000.71 psf per plot ratio).
It was 4.4% higher than China Construction (South Pacific) Development at $958.28 psf per plot ratio.
Coming in third with a bid of $161.5 million ($928.4 psf per plot ratio) was Allgreen Properties.
Director of research at Cushman and Wakefield, Christine Li, noteed that out of the 11 parties who bid for the site, 9 of the bidders bid higher than the winning bid for a nearby site (Sturdee Residences) in 2015.
The parcel at Perumal Road is zoned for mixed residential & commercial development, same as Artra Condominium
. It had been launched for sale under the Confirmed List in November 2016 under the 2H2016 Government Land Sales Programme.