Redhill plot draws 10 parties, but bids seen as cautious

Singapore

A 99-year leasehold, 0.84-hectare site next to Redhill MRT Station along Alexandra View drew 10 bids at a state tender, in line with what consultants had earlier expected.

The highest bid by Tang Skyline Pte Ltd was S$376.9 million or about S$850.81 per square foot per plot ratio (psf ppr).

This was on the lower end of consultants' earlier forecast of a winning bid in the range of S$800 psf ppr to S$1,050 psf ppr.

JLL national research director Ong Teck Hui said this reflects caution among the bidders. That said, the interest from 10 bidders was still conside…