The Bukit Timah Link site received five offers, the highest offered being from Bukit Sembawang, for $1,343 psf ppr, while Hillview Rise site received the highest bid of $1,024 psf ppr with Far East Organization and Sekisui House placing the highest bid at S$320.78 million. Market observers noted the second GLS site had drawn only four bids, with the difference in bids being slightly more than 13.3% between the lowest and highest.
A relatively smaller 335-unit parcel, Hillview Rise attracted 4 bids, again less than expected. Lee Tze-Teck, senior director of research, Huttons Asia, commented on how Hillview Rises small size and affordable units volume drew a lot of bidders. Citing the amount of bids received for the two sites, Stephen Tan, Managing Director, OrangeTee and Tie, commented that demand was healthy for land units.
The real estate agents we spoke with are expecting an eventual sale price upwards of $1,800 psf for the Hillview Rise’s land plot, while prices are expected to go north of $2,200 psf for the Bukit Timah Link site. The Bukit Timah Link GLS plot has seen strong participation from 5 developers, and has attracted the highest offer at $1,343 psf ppr, it is possible that future projects on those sites will start to fetch prices higher than $2,000 psf.