The tender for a residential site at Toh Tuck Road drew a total of 24 bids. It was the second highest number of bids received historically for a private residential site launched under the Government Land Sales Programme. The highest number of bids received, or 32 bids, was for a site at Westwood Avenue in Jurong West which was developed into The Woods.

The highest bid of $265 million came from SP Setia International. The price works out to $939 psf ppr, just 2% higher than the next highest bid by Singhaiyi Investments. The site  can yield about 325 residential units.

Notably, the top bid of $939 psf ppr was just 6% below the $998 psf ppr that MCL Land paid for a residential site in Margaret Drive in Queenstown area in December 2016. The breakeven price for the Toh Tuck Road site is estimated to be in the $1,400 to $1,500 psf region, which potentially translates into a selling price above $1,600 psf.

Site location