SINGAPORE - A choice residential site at popular Alexandra View has drawn a top bid of $332.7 million in a six-cornered contest.
The top bid from Singland Homes was at the high end of market expectations but the overall level of interest was not quite as strong as some had anticipated.
Singland Homes' bid works out to about $970 psf per plot ratio (ppr) for the 0.65 ha land parcel, which is 99-year leasehold.
The tender closed yesterday.
It was 10.9 per cent more than the second highest bid of nearly $300.1 million or about $875 psf ppr, which was a joint bid from Far East Orchard and Frasers Centrepoint's FCL Topaz.
Singland Homes' bid came in just above the upper end of the $820 to $960 psf ppr range predicted by most analysts when the site was triggered for release from the Government's reserve list in October.
It was only marginally higher than the top bid of $960 psf ppr in September for a site at Prince Charles Crescent near the Chatsworth Park good class bungalow area.
Still, Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy, said yesterday that the top bid for the Alexandra View land plot "can be considered a good price".
He noted that it is closer to the Redhill MRT station than the Prince Charles site is.
The price did not reach the $1,000 psf level predicted by Mr Eugene Lim, ERA Realty Network's key executive officer, in October.