Developer Qing Dao Construction has put in a top bid of S$113.7 million for a residential land parcel in Upper Serangoon. That works out to about S$607 per square foot.
Consultants Colliers International said this is also the second highest price recorded for a 99-year leasehold land parcel sold by the government for non-landed housing in the city fringe area.
The tender by the Urban Redevelopment Authority received 15 bids in all.
The site at Upper Serangoon Road and Pheng Geck Avenue has a lease term of 99 years and is meant for residential development.
The second highest bid came from SP Setia International, which put in a bid of S$110.6 million.
Realty Consortium rounded off the top three bids with an offer of S$95.3 million.
The minimum offer price for the site was S$60 million.
Property consultancy CB Richard Ellis said based on the top bid, units in this new project could possibly sell above S$1,000 per square foot.
The consultancy also noted that the bullish bids showed that developers are confident of sites that are located close to MRT stations.
In the first quarter of this year, units at nearby developments like 8 @ Woodleigh and Woodsville 28 were transacted in the sub-sale market at between S$880 and S$1,130 per square foot.