Did GuocoLand overpay for Martin Place site?

THE private residential site along Martin Place that GuocoLand secured at a recent state tender has key attributes - including its prime location - that are a strong plus factor for any developer planning a condo project.

But at a winning bid of S$595.1 million for the 99-year leasehold 1.6-hectare site, a talking point is whether the developer, which is part of the Malaysia Hong Leong Group helmed by Malaysian tycoon Quek Leng Chan, has overpaid for the land.

The price paid translates to S$1,239 per square foot per plot ratio (psf ppr) - the highest unit land price for a pure residential site sold at a state tender since 2009.