Analysts had expected a price of S$303 million for the residential site, but CapitaLand easily trumped that with an offer of S$550 million, or S$869 per sq ft per plot ratio (psf ppr). The property giant wants to build a high-rise condo of at least 36 storys with 600 units.
There is some irony in CapitaLand's stratospheric bid, given chief executive Liew Mun Leong's remarks in a newspaper report last month: "We are amazed at the prices that come out [in government land tenders]," he said then. "Not that we are jealous... but when we look at the numbers, we know that we can't do it... So in a way, we agree that there is some speculative chasing for land." Full story
Related:
Singapore Bishan Street condo site tender closes at S$550.1 million - Property-report.com
