SINGAPORE - In a sign of positive property sentiment, a land parcel at Toh Tuck Road has received 24 bids - a record for a non-landed government land sale site.

The tender for the 99-year leasehold plot closed today (April 11), with the top bid coming from Malaysian property developer S P Setia International.

It bid $265 million for the 18,721 sqm site, which is expected to yield 324 private homes.

Analysts had expected heated competition for the site, but the number of bids and the price far exceeded expectations.

Analysts were expecting between eight and 16 bids.

The top bid translates to a price of $939 per square foot per plot ratio, far exceeding the $600 to $700 psf ppr range of estimates.

The last residential site to be launched in the area was in Jalan Jurong Kechil in 2012, on which The Hilford - a 60-year leasehold development - is being built.