Source: straitstimes.com – DEVELOPERS have again lodged bids above market expectations for a suburban residential site, this time at Hougang, with a top bid of $207.5 million.
This works out to a bullish $456 per sq ft per plot ratio (psf ppr).
However, the seven bidders competing for the 3.02ha plot in Hougang Avenue 2 were fewer in number than for some recent hotly contested sites.
One recent tender in Simei attracted a sizzling 18 bids.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak noted that developers appear to be rather selective in their choice of sites.
‘Only those development sites that are near to MRT stations attract more than 10 bidders,’ he said.
Read the full story in Friday’s edition of The Straits Times.
