Good response to adjacent plots at Upper Serangoon View

[SINGAPORE] Despite the slowdown in new private home sales, demand for land remains strong, with two adjacent plots at Upper Serangoon View garnering eight bids each.

This is despite the Urban Redevelopment Authority (URA) rolling out the two adjacent sites and closing the tenders for both on the same day. It is the first time that the URA has attempted this with two adjacent parcels, although, it had earlier this year conducted simultaneous tender closings for three executive condominium (EC) sites. The three EC sites were in different areas - two in Punggol and one located near Jurong Country Club.

The top bid for both sites was put up by Kingsford Development, at $522.43 per square foot per plot ratio (psf ppr), which translates into $258.8 million for Parcel A and $201.6 million for Parcel B.