$251m bid for condo plot

A CONDOMINIUM plot in Upper Thomson Road has attracted a much higher-than-expected bid from a mystery developer, even though the number of bids was well below recent levels.

Treasure Well Investments, whose parent company is Total Wonder Holdings – both unknown names here – put in a bid of $251.34 million, the Urban Redevelopment Authority (URA) said.

That far exceeds the $82 million trigger bid or $174 per sq ft set by URA for the 2.1ha 99-year leasehold site. It works out to $533 psf of gross floor area, a price that consultants said was aggressive.

The site can be developed into a condo of up to 20 storeys with about 400 units.

This highest bid was also 21 per cent above the second-highest bid of $206.8 million or $439 psf of gross floor area from Far East’s Tuas Hi-Tech Park.

The other bidders were Sim Lian Land, Frasers Centrepoint, Chip Eng Seng’s CEL Development and GuocoLand’s First Changi Development.

SOURCE: Straits Times

Condo Plot

Condo Plot

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