Hong Kong-listed developer Logan Property Holdings and Chinese developer Nanshan Group have jointly submitted the top bid of $1.002 billion among 13 bidders for the Stirling Road residential site. The top bid translates to $1,050.71 psf per plot ratio (psf ppr), 8% higher than the second placed MCL Land.

JLL’s national director for Research & Consultancy Ong Teck Hui says, “Bullish bidding is now the norm for GLS residential sites, driven by expected market recovery and limited number of sites on the market.”

"The site’s attractive location, being at the city fringe and also near Queenstown MRT station is a major contributing factor as well," adds Ong.

According to the URA, this site has a land area of 227,221 sq ft and it can yield a maximum Gross Floor Area (GFA) of 954,327 sq ft which could potentially yield around 1,110 non-landed housing units.

The successful bidder is required to use the productivity-enhancing Prefabricated Prefinished Volumetric Construction (PPVC) method. It will also have to provide an infant care and/or a child care centre with a minimum gross floor area (GFA) of about 5,381 sq ft.

SLP International’s executive director and head of Research & Consultancy Nicholas Mak says he expect the breakeven cost of the project to be about $1,630 to $1,670 psf. He believes the developer could be aiming to launch the residential units at above $1,780 psf from mid-2018 onwards.