Singapore Land Gets Record S$1 Billion Bid From Chinese Buyers

[cyclone]

Singapore Land Gets Record S$1 Billion Bid From Chinese Buyers

by Pooja Thakur Mahrotri
May 18, 2017, 6:59 PM GMT+8

A residential plot in Singapore may fetch a record price for a government land sale, with a Chinese consortium putting in the highest bid at S$1 billion ($718 million).

Logan Property (Singapore) Co. and Nanshan Group Singapore Co. put in the highest bid in the Stirling Road land auction that closed Thursday, according to a statement from the Urban Redevelopment Authority. The final award of the site will be decided once the bids have been evaluated.

The price for the land would be equivalent to S$1,050 per square foot of gross floor area, translating into the highest absolute price paid for a residential plot, according to Cushman & Wakefield Inc. The Urban Redevelopment Authority announced on April 10 that it had received an application from a developer for the site to be put up for public tender. The plot can house about 1,110 units, according to URA estimates.

More details in https://www.bloomberg.com/news/articles/...ese-buyers

[desmondxyz]

One belt one road coming

[soros]

One might say its a belter of a bid

[Duskerdawn]

Queens - Condominium - retail rate: S$1,000 - S$1,400 psf

(http://www.propertyguru.com.sg/singapore...oad+queens)

Alexix - Condo - retail rate: S$1,300 - S$1,800 psf

(http://www.propertyguru.com.sg/singapore...oad+alexis)

Its possible to make a profit from the development of the land. Just need to keep development costs low and build higher/more units. Having said so, the cost of the land is probably going to be transferred to future buyers of the property.