A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its own public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).
Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The cost works out to about $1,000 psf on the gross floor space.
Started for sale on 29 the 99-year leasehold site could afford about 200 residential homes.
Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going for the year by the bid results of the first GLS land bid. Programmers are clearly looking to replenish their depleting inventory along with the Perumal plot gives a reasonable quantum of $174 million and therefore the additional incentive of a size that is small. Nearby the city fringe areas like Tre Residences, Sturdee Residences are also driving good sales last month.
“The website benefits from its proximity to carry nodes – the Dhoby Ghaut Interchange is just two stops away. Other amenities nearby include Farrer Park Medical Hospital the relatively new One Farrer Hotel and City Square Mall.”
After the bids are appraised, a decision on the award of the tender will be made, said the URA.