A commercial and residential site at Meyappa Chettiar Road received 15 bids, with MCC Land submitting the highest tendered sale price of $471.6 million, translating to $8,343.82 psm of GFA.
Measuring 16,149.3 sq m and offered on a 99-year lease term, the land parcel located is near NEX and City Square Mall.
Desmond Sim, Head of CBRE Research, said, “This site is well placed in an up and coming cluster of private residential developments as well as an established community of public housing. That, and its proximity to Potong Pasir MRT prove to be a strong attribute of the site as it welcomed a healthy number of 15 bidders of various backgrounds.”
He said the difference between the top and third bid was a mere 3.2 percent.
“While the highest bid was slightly above our expectations under the current market climate, the opportunity to put the commercial component of this development for sale on strata-titled basis could have propped up the bid,” he added.
There are several upcoming private developments within the vicinity such as Sennett Residence, Sant Ritz and The Venue Residences.
The tender award for the land parcel will be announced soon.
Image source: URA