Different tales for two cities in latest URA tender

Singapore

THE latest state land tender closing has yielded a mixed bag of results for the two 99-year leasehold sites offered.

A land parcel along Middle Road in the buzzing Bugis locale, which is slated for residential with commercial at first storey use, drew 10 bids, with Wing Tai's highest bid of nearly S$492 million or S$1,458.33 per square foot per plot ratio (psf ppr) within expectation.

Over in the Sims Drive locale in Geylang, a private housing plot drew just five bids. The top bid of almost S$383.53 million or S$732.01 psf ppr - from a Hong Leong Holdings and City Developments Ltd (CDL) tie-up - was below expectations.

Colliers International's research head for Singapore Tricia Song highlighted that this is the lowest private residential land bid price since the S$681 psf ppr winning bid for the smallish Chong Kuo Road site (near Manda…