GuocoLand submitted a bid for a luxury housing site that will be built in River Valley. The bid was of S$595.1 million, according to the URA. The tender happened yesterday attracting tons of interests from many developers out there. The 99-year rented site was launched on April 28 from the GLS`s Confirmed List and Martin Modern Pricing is to be announced closer to the showflat viewing date. It also has a 2.8 plot ratio sitting on around 171,535sqft. Developers can build around 450 housing units in this lot, as it has a 480,307sqft of maximum gross floor area that is permitted. A GuocoLand`s subsidiary called Fist Bedok Land put the top bid beating 12 others translating to an important S$1,239 psf just per plot ratio.
Martin Modern Pricing for Guocoland
Bid auction reflected a lot of interest from developers, as it had 13 bid, according to Mr. Nicholas Mak who is the head of consultancy and research at SLP IPC. Excluding any land parcel sold at the beautiful Sentosa Cove, the top bid that was submitted for this site was the highest for any GLS site since the year 2009. There is a fierce competition in this important tender, and developers know about it. The bid has to be bullish in order for it to win in this tender, according to Mr Mak. The pricing for the development will be announced soon.
Martin Modern Condo Price PSF
Both URA and SLP International data showed that Hoi Hup just paid S$1,157 psf just for the site that is placed in a 593-unit development in Sophia Hill at Mount Sophia in 2013. The famous parcel in River Valley land is placed in a resident area that is truly well established which is just some minutes away from the important station called Great World MTR that will be erected in the future. The residential space might be something between S$1,910 psf and S$1,850 psf, Mr. Mark said. There are many cooling measures that the government has put in place for this project, and top bidders are expected it to relax these measures over time for the project, Mr. Mark also stated.