Normanton Park residence received words and phrases of interest out of two coders but not any bids within the close of its connection sale put forward last Tues.
The arrange price is around $840 , 000, 000, making it one of many largest en-bloc deals unveiled in recent years.
This translates to a land cost of about $605 per sq ft per plot ratio (psf, ppr).
The 99-year leasehold project near Kent Ridge Park has 60 years left on its tenure. It comprises 488 units in eight low-rise blocks and five 23-storey towers.
A lot of people are interested in the site, the only weakness being the sheer quantum of the plot. If developed, there will be 1, 600 units.
Owners are hoping that the market will pick up over the next two quarters, after a short-term fall in confidence.
Recently, a 1. 93ha parcel in Siglap Road received eight bids, with the top four all above $800 psf ppr. The top bidder intends to build a condo with 800 to 900 units.
Next month, a state tender for a site at New Upper Changi Road and Bedok South Avenue 3 will close. The site is expected to yield about 570 units. The results of that tender would be a good indicator of developers’ willingness to replenish their land banks.