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Gamuda: S$755 per sf for Toa Payoh’s residential land tender

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When I was in Singapore just a few weekends ago, I went to a new office building and was surprised to learn that it was built by IOI. The office building was a very modern looking and it’s called South Beach. There were no buttons inside the lifts, you merely swipe the access card given by the security and it will bring you to the floor you are SUPPOSED to go. I think these developments would continue to see cooperations from development companies from both Malaysia and Singapore. It’s one way to also increase interest in the project from investors of both countries as well.

Another Malaysian developer, GAMUDA is also in Singapore, bidding for a piece of high-demand residential land in the Toa Payoh Estate. It’s bidding for this together with a few other partners, namely Evia Real Estate (7) Pte Ltd and Maxdin Pte Ltd. In fact it seems that they have put in the highest bid of S$345.86 million (RM962.5 million) and this works out to an average land cost of S$755 per square feet. According to Gamuda’s head of property division, Chow Chee Wah, “It was a very close tender. The top five tenderers’ bid prices are within a close range of four per cent and we are merely one per cent above the second highest bid.”

The tender results are not yet available but if GAMUDA is successful, it would be their first project in Singapore. As this is a private residential unit, the prices are definitely much higher than the usual HDB flats that majority of Singaporeans are staying. Current prices? Some information from Singapore’s leading portal: property guru.com.sg

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When we look at the current property market in Singapore, it is showing weakness for luxury condos. As market would not be weak forever, perhaps GAMUDA is well placed to benefit from a recovering market when they launch the property in the near future. Of course, it has to win first. Let’s await the results then.

written on 20 June 2015

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