A government reserve list land site with 99-year leasehold tenure at Farrer Road location in district 10 had garnered 15 bidders for its land tender sales. The winning bid came from a unit of Far East Organisation which record the highest bid offered for a state land tender in recent years.
The top bid of $45.8 million for this site translates to $1,108 psf ppr which is higher than the previous record value of $1,048 psf ppr for a nearby state land site at Farrer Drive purchased by a unit of Singapore Land.
This site is within 1km of Nanyang Primary School and is also near to other popular primary and secondary schools which will be a draw for buyers with school-going children. It is also near to the Botanic Gardens and Farrer Road MRT stations while Orchard Road and the CBD is just a short drive away.
This 29,510 sq ft land parcel can expect to yield about 40 units of prime residential apartments which may be launched at a selling price of around $1,900 psf. The likely configuration will be a mix of one- and two-bedroom apartments with high ceilings, to suit young families.
The second highest bid was just 3.3% lower than the winning bid.
31 Aug 2012