Developers are likely to have taken into consideration the potential supply in the area, notes Lee Sze Teck, head of research at Huttons Asia. Just a short walk away is the site at Thiam Siew Avenue, which was sold en bloc to a joint venture between Hoi Hup Realty and Sunway Developments last November for $815 million. The two sites on either side of Thiam Siew Avenue could be redevelopment into two freehold private condominiums with a combined totall of 800 units. The price works out to $1,440 psf ppr after taking into consideration development charge and the 7% bonus balcony area.
(See potential condos with en bloc calculator)