Singapore

A RELATIVELY small land size, affordable lumpsum investment and the absence of competition in the locale helped a 99-year leasehold private housing site near Sembawang Park to attract nine bids at a state tender that closed on Thursday.

The top bid was also slightly above the higher end of market expectations. Tuan Sing Holdings' fully-owned unit Dillenia Land placed the highest bid of S$51.07 million, which works out to S$481 per square foot per plot ratio (psf ppr). Property consultants had earlier predicted a winning bid of up to S$470 psf ppr for the 0.7-hectare site along Jalan Kandis.