Upper Thomson Road GLS site gets 5 bids

This is a reversal from zero bids last year.

Five bids were submitted for the Upper Thomson Road (Parcel A) site, a quick reversal from last year, when it received zero bids.

Mark Yip, CEO at Huttons Asia, said that due to the removal of long-stay serviced apartments (SA2) from the tender requirements, the site gained more interest from developers.

Wong Siew Ying, Head of Research and Content, PropNex, agreed, saying the flexibility, coupled with the strong sales at the recently-launched Springleaf Residence – which moved 92% of its 941 units at an average price of $2,175 psf during its launch weekend - has given developers more confidence in this plot. With most of the units at Springleaf Residence sold at launch, there is also less concern over competing private housing supply in the immediate areas.

The highest bid came from Wee Hur Property Pte Ltd and GSC Holdings Pte Ltd at a bid price of $613.93.m or $1,062 psf ppr.

Leonard Tay, Head, Research at Knight Frank Singapore, said a new project at the location can be attractive to local homebuyers looking to downgrade from landed housing in the Springleaf vicinity, as well as HDB upgraders from the Ang Mo Kio and Yio Chu Kang estates.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, said the healthy participation in the tender exercise was unsurprising as Parcel A will have a direct connection to the Springleaf MRT station on the Thomson-East Coast Line (TEL) and a sizable commercial space offering new amenities like retail shops, which will be attractive to residents.

Meanwhile, Tricia Song, CBRE Head of Research, Southeast Asia, predicts that at a bid price of $1,062 psf ppr, the developer may launch the project at an average price of $2,300 - $2,350 psf.

The Upper Thomson Road (Parcel A) has been closed for tender.

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Huttons Asia

Knight Frank

PropNex

Realion Group

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