Dundee Road residential site draws nine bids as developers bank on potential policy easing

The top bid was $483.2m.

A residential site at Dundee Road attracted 9 bids when its tender closed yesterday, drawing a top bid of $483.2m.

The site sits right next to Queenstown MRT station and could yield a 645 housing units, according to the Housing and Development Board.

“The top bid reflects the hunger and confidence in this site at Dundee Road, going by its value. With a winning margin of 8 per cent, the bid demonstrates the confidence in the mature estate of Queenstown,” said Desmond Sim, Head of CBRE Research for Singapore & Southeast Asia.

“As end-june will mark the second anniversary of TDSR, bidders for this site have the advantage of being able to punt on a possible review of the property measures,” he added.