Site Near Great World City Attracts Two Bids; Top Bid of S$1,325 PSF PPR from Wing Tai
The latest state land tender reflects a continued cautious approach by developers towards private residential sites due to high interest rates and ongoing property cooling measures. Despite these challenges, a prime 99-year leasehold site near Great World City managed to attract two bids.
A Wing Tai Holdings unit placed the highest bid at nearly S$464 million, translating to about S$1,325 per square foot per plot ratio (psf ppr) for the plot next to Great World MRT station. The other bid came from Hong Realty, part of Hong Leong Group, at nearly S$444.89 million or S$1,271 psf ppr.
In contrast, there were no bids for a plot in Upper Thomson Road GLS, which includes a mandatory long-stay serviced apartment component. Both sites are 99-year leasehold and conveniently located next to MRT stations on the Thomson-East Coast Line.
Tricia Song of CBRE commented on the high price point expected for the new project on River Valley Green (Parcel A), noting its likely focus on investors and foreigners—segments impacted by the Additional Buyer’s Stamp Duty (ABSD) hikes in April 2023.
The River Valley Green (Parcel A) site spans 100,032 sq ft and can yield around 380 private homes. Chia Siew Chuin, JLL’s head of residential research for Singapore, noted that the low level of interest in this tender demonstrates developers’ cautious stance, even as they show a preference for smaller plots.
