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Keen contest for plum Serangoon residential site

A CDL-led consortium, the top bidder, plans a condo with more than 500 units on the 1.4 ha plot

Kalpana Rashiwala

Published Thu, Nov 5, 2015 · 09:50 PM

Singapore property

Singapore

DEVELOPERS may complain about a property glut, but they are still showing a healthy appetite for choice residential development land.

A plum 99-year leasehold private housing site near Serangoon MRT station and Nex shopping mall is a case in point. It has drawn a keen contest with 11 bids - more than the seven bids that a site near Bartley MRT station, just one train stop away, fetched in a tender that closed in January 2014.

The top bid for the Serangoon site, at S$710 per sq ft per plot ratio (psf ppr), came from a consortium comprising City Developments Ltd (CDL), Hong Leong Holdings and TID. This, too, was …