GuocoLand-led group tops three bids for Faber Walk site with conservative S$900 psf ppr offer
While this is slightly above expectations of S$750 to S$850 psf ppr, it is almost 30% lower than winning bid for nearby Clementi plot sold last year
A GUOCOLAND-LED consortium placed the top bid for a private housing site for about 400 units in Faber Walk, beating two other groups at the government tender’s close on Tuesday (Nov 19).
The S$349.9 million bid placed by GuocoLand, TID Residential and Intrepid Investments translates to a land rate of about S$900 per square foot per plot ratio (psf ppr) for the Clementi area plot. This is at the higher end of the expectations of analysts earlier polled by The Business Times.
“The burst of homebuyer activity in the last fortnight, with six new launches and the near sell-out of Emerald of Katong, has changed the mood in the private residential market. However, this change among homebuyers has not yet been transferred to developers who remained cautious... with bids of S$900 psf ppr and below that can be described as conservative,” said Leonard Tay, Knight Frank Singapore’s head of research.
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