Close fight emerges for Toa Payoh condo site

Singapore

THE Evia Real Estate-led consortium's top bid for a 99-year private condo site in Toa Payoh at a state tender was just 1.1 per cent more than the closest competition.

The group plans to build a 590-unit project on the site, with half the units expected to comprise one and two-bedders to be priced below S$1 million to keep them affordable, said Evia Real Estate managing partner Vincent Ong.

Evia Real Estate (7) joined forces with Maxdin and Malaysia-listed group Gamuda to place the top bid of S$345.86 million or S$755.30 per square foot per plot ratio for the 1.2 hectare site at Lorong 6/Lorong 4 Toa Payoh.

This pipped Sing Holdings' S$747.09 psf ppr bid. The tender drew 14 bids. The lowest bid, seen as a bottom-fishing expedition, came from Li Ka-shing's Cheung Kong Holdings, wh…