Site at Perumal Road draws in over $174m of bids

A private with first story business site at Perumal Road in Litte India pulled in solid enthusiasm from designers, with 11 offers submitted at the end of its open delicate on Tuesday (10 February), uncovered the Urban Redevelopment Authority (URA).

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Low Keng Huat (Singapore) presented the top offer of $174.08 million for the 0.38ha site. The value works out to about $1,000 psf on the gross floor territory. The second-most noteworthy offer of $166.7 million originated from China Construction (South Pacific) Development, while Hotel Grand Central offered the least offer of $90.89 million.

Propelled available to be purchased on 29 November 2016, the 99-year leasehold site could yield around 200 homes. Visit Sophia Hills at Mount Sophia

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, stated: “The lack of private land locales is in effect acutely felt by engineers, passing by the delicate aftereffects of the primary GLS arrive delicate for the year. Designers are unmistakably hoping to recharge their draining stock and the Perumal plot offers the special reward of a little size and thusly a reasonable quantum of $174 million.

“The site profits by its closeness to transport hubs – the Dhoby Ghaut Interchange is just two stops away. Different luxuries close-by incorporate the moderately new One Farrer Hotel, Farrer Park Medical Hospital and City Square Mall.” See earlier launch at Sturdee Road – Sturdee Residences

A choice on the honor of the delicate will be made after the offers have been assessed, said the URA.

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