A residential plot at Tampines Avenue 10 has beaten market expectations by attracting a top bid of about $289.7 million in a 10-way tussle amongst developers.

Analysts said that they were "shocked" by the bullish bidding for the Tampines Avenue 10 (Parcel B) plot, despite new rules implemented by the Monetary Authority of Singapore last month to cap mortgage limits for borrowers already in debt.

The top bid when the tender closed on Tuesday came from Chinese developer MCC Land, with an offer of $562 per sq ft (psf) per plot ratio (ppr).

This was 7.6 per cent above the next highest bid submitted by a tie-up between UOL Venture Investments and Kheng Leong Company, at $522 psf ppr.

The 17,102.9 sq m plot is expected to yield 530 residential units.

It is located near the Temasek Polytechnic and the upcoming Tampines West MRT station, and MCC Land is expected to start selling units at $1,100 psf.

Jones Lang LaSalle's national director of research and consultancy Ong Teck Hui said that the results were an indication of developers' confidence in sufficient underlying demand, despite the possibility of a moderation in demand after the latest measures.

He added that the top bid for the 99-year leasehold site was "way above expectations," coming in 34 per cent higher than an adjacent site sold in May last year, where Far East Organisation's Q Bay is now being built.