Toh Tuck site tender overwhelms with 24 bids, topped by Malaysia's SP Setia

AN overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.

Among them, Malaysian property developer SP Setia International's was the highest - at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr).

This completely exceeded property consultants' expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4 square metre (sq m) site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.

In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).