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CONSTRUCTION firm Low Keng Huat (Singapore) Limited has put in the highest bid for a residential site with first-storey commercial space at Perumal Road.
At a tendered sale price of S$174.08 million, it translates to a very bullish S$1,000.72 per square foot per plot ratio (psf ppr), greatly surpassing some consultants' expectations of bids ranging from S$800 to S$850 psf ppr.
This was according to an announcement by the Urban Redevelopment Authority (URA) on Tuesday.
The number of bidders at 11 also exceeded the 7-10 bidders that consultants were expecting.
China Construction (South Pacific) Development came in second with a bid of S$166.7 million or S$958.29 psf ppr. Allgreen Properties came in third with a bid of S$161.5 million or S$928.4 psf ppr.
The site at Perumal Road was launched for public tender on Nov 29, 2016. The site was offered for sale on a 99-year lease term under the second half 2016 Government Land Sales programme. With a maximum gross floor area of 16,161 square metres, it can yield about 200 units.
The site enjoys good transport connectivity with its location right beside Farrer Park MRT station. There is also accessibility to the Central Expressway and Pan Island Expressway for private transport, as well as commercial amenities such as City Square Mall, Mustafa Centre, Farrer Park Hospital and Medical Centre, and the upcoming Centrium Square.