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News Release

Singapore

JLL News Flash | Tender closing for mixed commercial and residential GLS site at Upper Serangoon Road


Tay Huey Ying, Head of Research & Consultancy, Singapore

郑惠匀, 研究与咨询部主管 (新加坡)


Unsurprisingly, developers were again out in force at today’s tender closing for the plum mixed residential and commercial GLS site at Upper Serangoon Road, with the highest of the 12 bids standing at a bullish $1,181.06 per sq ft per plot ratio.  This is some 50% higher than the $775 per sq ft per plot ratio paid for the nearby The Poiz Centre and The Poiz Residences mixed-use residential and commercial GLS site in August 2014.  Some 90% of the 731-unit The Poiz Residences have been taken up as of April 2017 with units sold by developers thus far in 2017 averaging $1,447 per sq ft in price.


The good turnout for today’s tender closing in spite of the complexities of the tender requirements is a show of developers’ confidence in the Government’s master plan for the Bidadari Estate.


That the highest bid was submitted by a local firm should arrest some concerns that foreign players are increasingly edging out local developers in vying for development land.  In fact, we observed that local developers have been thriving well in the competition, topping two-thirds of residential and residential/commercial GLS land tenders since January 2016. ​