Coming in second at a bid of $655 psf ppr – 12% below the top bid, GuocoLand had bidded even lower than the price it submitted for the 1,024-unit Sims Urban Oasis site of $688 psf ppr back in April 2014.
Given the site’s location in the city fringe and proximity to Aljunied MRT station and Kallang, Tricia Song, Colliers International head of research for Singapore, is “surprised” by the underwhelming response. She attributes the subdued bid prices to the fact that Penrose is subjected to a larger minimum average unit size of 85 square meters. “Developers may also be assuming some buffer for the five-year ABSD [additional buyer’s stamp duty] time line, given its relatively larger plot size.”
Colliers estimates the selling price to be around $1,400 psf, after factoring the potentially larger units (See floor plan for details on the sizes). The top bid is the lowest for a private residential land site on a psf ppr price basis since the Chong Kuo Road site near Mandai was sold for $681 psf ppr in Feb 2018.
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