$483m top bid for Queenstown site

PropertyGuru

23 June 2015 at 11:54 pm

A residential site at Dundee Road next to Queenstown MRT station attracted nine bids from property developers when its tender closed yesterday, revealed the Housing and Development Board (HDB). Launched for sale on 29 April 2015, the 113,194 sq ft site has a lease of 99-years and could yield 645 housing units.

HY Realty submitted the highest bid of $483.2 million ($871 psf) followed by Allgreen Properties at $445.9 million.

The top bid reflects the hunger (for) and confidence in this site at Dundee Road, going by its value, said Desmond Sim, Head of CBRE Research for Singapore & Southeast Asia.

With a winning margin of eight percent, the bid demonstrates the confidence in the mature estate of Queenstown, with its network of amenities and the MRT being located right next to the site, as well as the stability of the Singapore market.

A decision on the award of the tender will be made at a later date after the bids have been evaluated.

Image: Map of Dundee Road site. (Source: HDB)

Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories emailcheryl@propertyguru.com.sg

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