A remote site for an Executive Condo located alongside Choa Chu Kang Avenue 5 has drawn in 11 bids for its recent tender. This was more than the predicted 3 to 7 bids that had been predicted by property consultants back in May, when the site saw its launching for Sol Acres.
It has been suggested by analysts that this higher number was down to the continued desire for land of the residential developer. Land is the key raw material that developers require to keep their businesses thriving, regardless of whether there is a dimness to the outlook of the property market.
Sol Acres by MCL Land
At the closing of tender on Tuesday, it was a consortium that was headed by Qingjian Realty who placed the highest bid of $295 per square foot, per plot ratio. This bid was well within the predicted price range of $250 to $330 per square foot, per plot ratio that consultants forecasted. However, it was a mere 7% more than the 2nd highest bid that was made by TID Residential of $276 per square foot, per plot ratio for Sol Acres.