JUNE 14, 2013 | Business Times | By KALPANA RASHIWALA

Top bid of $533 psf ppr is 9% more than April sale value of adjacent site

THE tender for a plum 99-year private housing site along Fernvale Close in Sengkang West has drawn nine bids, with the top bid at 9 per cent above what the next-door plot had fetched in April.

The April tender drew eight bids.

Market watchers say that yesterday’s provisional tender results reflect the superiority of the latest site, which boasts a long frontage along Sungei Punggol. Some also observed that developers continue to have a strong appetite for choice housing sites in the mass-market segment.

Ong Teck Hui, Jones Lang LaSalle national director, said: “This site is set back from major roads and has a longer frontage along the river whereas the earlier site is at the junction of two major roads and has a shorter river frontage.”