The bidding exercise for the Alexandria View plot of land ended lower than expected. The winning bid stood at $376.88m for the mixed used site near Redhill MRT station.
10 bidders participated in the tender, with the winner walking away with a $851 per square ft per plot ratio price tag. Tang Skyline was the winning developer, being only 1% higher than the next highest bid of $373.1 million by the joint venture of Singland Homes and UOL Venture Investments.
Ultimately, there was no clear winner in this. A possible reason would be the other developments in the vicinity that would dilute the demand for this private development. Furthermore, those projects have seen vacant units that until now have not been sold.
For example, Alex Residences have 177 outstanding units while The Crest has 379. However, these properties are still in the early stages of development.
The developers expressed that they did not worry too much about the 400 unit cap imposed on the land parcel. The key reason for this being the land being marked as a mixed development instead of being purely residential.