By Kristie Neo | Posted: 11 December 2012 2242 hrs

SINGAPORE

The Urban Redevelopment Authority (URA) received 6 bids at the close of tender for a land parcel at Alexandra View on Tuesday.

The 99-year leasehold residential site was launched for public tender on November 7.

The top bid was submitted by Singland Homes, a wholly-owned subsidiary of SGX-listed property developer Singapore Land.

Singland Homes’ bid of S$970 per square foot per plot ratio (psf ppr) was 10.9 percent higher than the second highest bidders, Far East Orchard and FCL Topaz.

This works out to S$332.68 million for a total site area of about 6,501 square metres.

Nicholas Mak, executive director at SLP International Property Consultants said Singland’s top bid was probably determined after benchmarking its offer above the previous tender price of S$960 psf ppr for the Prince Charles Crescent site in September 2012.

Lee Sze Teck, Senior Manager at Dennis Wee Group (DWG) considers the winning bid “a good price” given the site’s proximity to Redhill MRT station.

Property analysts are estimating the breakeven price to fall between S$1,400 and S$1,450 psf.

This means the site can be launched above S$1,550 psf, which according to Mr Mak, will set a new record launch price for the area.

Mr Mak added that the results of Tuesday’s tender could also lead the government to offer one to two more development sites in the Redhill area in the upcoming government land sales programme.

– CNA/lp