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MCC makes defensive bid for Tampines Ave 10 site

That the site drew 12 bids is a reflection of the continuing drive by developers to replenish their land bank, albeit at moderated prices, say property market observers

Kalpana Rashiwala

Published Tue, Apr 28, 2015 · 09:50 PM

Singapore property

Singapore

IN a reflection of developers' hunger for land, a 99-year private residential site in what would be regarded as a mediocre location along Tampines Avenue 10 attracted a dozen bids on Tuesday, when the state tender closed.

The relatively affordable absolute land price quantum for the site, Parcel D, was also a factor for the high participation rate, said Desmond Sim, head of Singapore and SE Asia at CBRE Research.

The bids ranged from S$127.4 million to S$227.8 million.

China developer MCC Land's top bid of S$227.78 million, or S$482.59 per square foot per plot ratio (psf ppr), was considered slightly bullish by property consultants such as OrangeTee's manager for research and consult…

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