Residential site tender draws massive 22 bids Posted: 08 December 2011 1951 hrs

[land118]

http://www.channelnewsasia.com/stori...170201/1/.html

Residential site tender draws massive 22 bids
Posted: 08 December 2011 1951 hrs

SINGAPORE - A government land tender for a residential site drew a massive 22 bids, despite tough new measures to cool the housing market.

The Urban Redevelopment Authority (URA) said the site at Chestnut Avenue/Almond Avenue attracted a top bid of S$70.8 million from a company called SCB Terraform.

The next highest bid of S$67.8 million came from SK Land Pte Ltd.

CT Projects Pte Ltd put in the third highest bid of S$65.9 million.

The remaining 19 bids range from S$25 million to S$64 million.

The site measures 12,893.4 square metres. Located in the relatively popular Upper Bukit Timah area, it was offered for sale on a 99-year lease.

The top bid works out to S$5,494 per square metre of built-up space.

Under the latest property market-cooling measures, buyers of private properties in Singapore will have to fork out an Additional Buyer's Stamp Duty (ABSD) of between 3 per cent and 10 per cent over and above the existing Buyer's Stamp Duty.

The new measure does not affect permanent residents buying their first home and Singaporeans buying their first and/or second home.

Foreigners are the hardest hit. They have to pay a hefty ABSD of 10 per cent on any purchase of a residential property in Singapore.

- CNA/ir

[mcmlxxvi]

mass mkt site ok la

[kane]

With this kind of response, what the heck is Redas complaining about??

[land118]

With this kind of response, what the heck is Redas complaining about??

REDAS should closed down, Gahmen dun listen to them, what they say, no one bother..., toothless...

[devilplate]

With this kind of response, what the heck is Redas complaining about??

Wait for nxt one la

This one tender closed today.....can top bidder forfeit ar? Hehehe

[phantom_opera]

Omg, Chestnut so hot? Top bidder may suffer buyer remorse lol

[devilplate]

Omg, Chestnut so hot?

99lh Landed housing

[august]

21 of them must be sighing with relief

[kane]

Wait for nxt one la

This one tender closed today.....can top bidder forfeit ar? Hehehe

no mah, as long as tender not close, they can choose to withdraw their bid right?

[flagship74]

21 of them must be sighing with relief

wah.. heng.. arrg...!!

[Geylang OKT]

The unlucky one who tiok, surely die pain pain

[moneymatters]

21 of them must be sighing with relief

actually the 22 bids went in after CM was announced the previous evening.

[kane]

actually the t22 bids went in after CM was announced the previous evening.

Chances are, those 22 do.n't have much landbank. Have to tender in moderation in the light of the new measures. Otherwise, why so gungho. But it makes Redas' complain look silly

[Wild Falcon]

So many bids after CM5. Looks like still quite bullish leh. Now I think developers all "selective" already - "good" site with real local or PR demand, all grab. Chestnut/Almond area is quite nice for own stay - but not for speculation. Some PRCs specuvestors won't even know where Chestnut is.

[august]

So many bids after CM5. Looks like still quite bullish leh. Now I think developers all "selective" already - "good" site with real local or PR demand, all grab. Chestnut/Almond area is quite nice for own stay - but not for speculation. Some PRCs specuvestors won't even know where Chestnut is.

is not bullish at all, u need to see the quantum of the bid which for this site is relatively small. hence so many players bidded.

bigger sites u will see joint-bids which shows how bullish the developers really are.