Developers show caution in bids for Sims Drive site
First Changi Development, a unit of GuocoLand had secure a piece of 99 years leasehold land with a top bid of S$530.9 million.
Located at Sims Drive, this land had maximum gross floor area of 771,775sqf; is indeed a very big plot land land. Such big development only attract 4 bidders, as smaller developer may not have the financial muscle to vie with the big boys.
Just 400m away from Sims Drive, in Jan 2014, a keenly contested bidding plot of land at Geylang East had a top bid at about S$776.00per square foot per plot ratio (psf ppr) by S L (Serangoon).
As for Guocoland, the bid they set work out to about S$687.90psf ppr, $88.10 psfppr lower than the nearby land at Geylang East, beside Aljunied MRT Station.
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