Bidadari site gets record bid of $701m

The bid was made by Chip Eng Seng-Heeton-KSH consortium.

The bid for Woodleigh Lane land site, the second land site at the new Bidadari Estate, closed today with another record price of $701m by local contractor and developer Chip Eng Seng-Heeton-KSH consortium.

Second to give the highest bid was Keppel Land-Wing Tai JV, just $6m short of the winning bid.

"The tight winning margin of 0.8% and a large number of bidders (15 bidders, second highest YTD to the Toh Tuck land site) indicate that competition for land sites is still strong," DBS Group Research analysts Rachel Tan and Derek Tan said.

The land parcel is located opposite the Upper Serangoon Road land site, which closed in June 2017 at $1,181psf for mixed-use development, next to Woodleigh MRT station. The estimated number of residential units for the site is 735.

"The aggressive bid shows that developers remain optimistic and are keen to replenish their land banks," the analysts said.