China/HK developers lead bids in Potong Pasir tender

[SINGAPORE] A state tender for a commercial and residential site next to Potong Pasir MRT Station has surprised the market with a whopping 15 bids, with strong participation from the China contingent.

The top four bids were cast by China/Hong Kong players (including one who teamed up with a Singapore developer). The China players generally have a more optimistic view of the Singapore property market compared with Singapore developers.

Local players, on the other hand, generally cast more measured bids. City Developments was the the fifth highest bidder yesterday at S$716 per square foot per plot ratio (psf ppr) - much lower than the S$793 psf ppr it paid back in September 2012 for the nearby Tai Thong Crescent site, which is zoned for residential use with commercial space on the first storey…