Commonwealth Avenue site attracts top bid of $562.8 million but only three bidders

A PRIME site at Commonwealth Avenue that would have had developers rushing to get a piece of the action a few months ago attracted only a handful of bidders.

Analysts had predicted the 99-year leasehold plot would be heavily contested with up to 10 bids expected but a play-it-safe mood has entered the market on the back of new cooling measures.

The top bid was from a consortium of Hong Leong Holdings unit Intrepid Investments, City Developments unit Verwood Holdings and Hong Realty. It offered $562.8 million for the 12,086.8 sq m site, or $883 psf per plot ratio (ppr).

This was just 2.46 per cent more than the $549.3 million, or $862 psf ppr, lodged by Keppel Land unit Acresvale Investment.

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