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Perumal Road site attracts $174m top bid

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A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).

Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The price works out to about $1,000 psf on the gross floor area. The second-highest bid of $166.7 million came from China Construction (South Pacific) Development, while Hotel Grand Central offered the lowest bid of $90.89 million.

Launched for sale on 29 November 2016, the 99-year leasehold site could yield about 200 homes.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going by the tender results of the first GLS land tender for the year. Developers are clearly looking to replenish their depleting inventory and the Perumal plot offers the added bonus of a small size and therefore an affordable quantum of $174 million.

“The site benefits from its proximity to transport nodes – the Dhoby Ghaut Interchange is only two stops away. Other amenities nearby include the relatively new One Farrer Hotel,  Farrer Park Medical Hospital and City Square Mall.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

 

Credits: Propertyguru

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