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Stiff competition for plum residential site near Aljunied MRT

Published on Jan 23, 2014 6:33 PM

A small residential site at Geylang East Avenue 1 fetched an unexpectedly high top bid of $145.9 million out of a whopping 16 offers lodged.

The top bid for the 99-year leasehold plot was put in by SL (Serangoon) which is a unit of property developer Sustained Land.

That price for the sq ft site works out to about $776 per square foot (psf) per plot ratio, which was way above market expectations of up to $650 psf.

The land parcel was put on the Government Land Sales reserve list in May last year and was triggered for sale in December, after an unnamed developer promised to bid at least $95 million for the 67,146 sq ft land parcel.

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