Hong Leong submits top bid for government land site
By Venus Hew | Posted: 10 January 2012 2131 hrs
SINGAPORE: A Hong Leong Group consortium has submitted the top bid of S$388.11 million for a government land sales site at Mount Vernon Road.
The public tender received only five bids, reflecting what some analysts said is the cautious attitude of developers following the latest property measures.
Property analysts CBRE Research also noted that the top bid is also about 20 per cent lower than a neighbouring site that was sold in April 2011.
It estimated that the condominium units could sell for between S$1,100 to S$1,200 per square feet.
- CNA/ck