The tenders for three state-owned plots closed on Tuesday, with fewer developers submitting bids due to higher interest rates and increased economic and geopolitical uncertainties. Nevertheless, two private housing sites, specifically Lorong 1 Toa Payoh and Pine Grove Parcel B, received top bids that exceeded market expectations.
- The Lorong 1 Toa Payoh and Pine Grove Parcel B sites attracted just three bids each.
- A site at Clementi Avenue 1 was more popular, with six bidders, largely because it is the smallest of the three plots, resulting in a lower land cost outlay.
- The top bid for the Clementi Avenue 1 site came from a partnership between CSC Land Group and a unit of MCL Land, amounting to $633.4 million, with a land rate of $1,250 per square foot per plot ratio (psf ppr).
- The top bid for the Lorong 1 Toa Payoh site was presented by a joint venture between CDL, Frasers Property, and Sekisui House, amounting to $968 million, equating to a land rate of $1,360 psf ppr.
- The top bid for the Pine Grove Parcel B site was submitted by an entity linked to MCL Land, at $692.4 million, with a land rate of $1,223 psf ppr.