Bullish top bid for residential land parcel at Dundee Road

Land parcel slated for residential development at Dundee Road, located beside Queenstown MRT station, drew a total of 9 bids at the close of its tender on Tuesday (23 Jun). The highest tender price was submitted by HY Realty Pte Ltd, a company sharing the same shareholders as Hao Yuan Investment, at a bullish price of $483.18 million or $871 psf ppr, 8% higher than Allgreen Properties Limited, the second runner-up. The top bid received is comparable to its adjacent development, Commonwealth Towers which was sold in Feb 2013 at $882.8 psf ppr.

The breakeven cost of this future residential development is estimated to be $1,390 psf, translating to a potential launch price of $1,668 psf.

Table 1: Provisional tender results for land parcel at Dundee Road

Source: HDB, The Edge Property