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News Release

Singapore

JLL News Flash | Tender Closing for Residential Site at Toh Tuck Road


​"It is a bewildering ten​der with 24 parties contesting and a top bid of $939 psf/pr which is well above expectations. Hunger for sites among developers and an expectation of a turnaround in the market are possibly the key factors that intensified the bidding, besides the attractiveness of the site and the affordable capital outlay. The recent easing of cooling measures and the positive reading of the 1Q17 flash estimates are possibly underlying contributory factors.

Bidding was particularly aggressive among the top five bidders which was within a 10.4% price range and upwards of $850 psf/pr, suggesting that they shared a similar bullish market outlook.
The optimistic top bid suggests that the project is likely to be launched at prices above current levels. "