Toh Tuck is a residential area located in the western part of Singapore having many private and public housing along the Jalan Jurong Kechil road. The Toh Tuck road basically serves as a border line for Bukit Batok & Bukit Timah.
It’s a prime area which has got many added advantages besides being within an established residential area. It’s very close to Bukit Batok Nature Park and Bukit Timah Nature Reserve. Plenty of dining & eating outlets are also easily available & accessible down the road.
Educational institutions are also within the reach. Above all it’s accessible through Bukit Timah Expressway, Pan-Island Expressway and Beauty World MRT Station. So, it has got all the amenities which one looks for.
This 99 year leasehold site, having a total area of 1.87ha & gross floor area of 26,210 m2, was recently on sale from 28th Feb 2017 till 11th April 2017. The URA had invited tenders for the same on behalf of the Singapore government. It received an overwhelming response from property investors & developers by receiving around 24 bids at its closing.
The affordable capital proposal & the above mentioned amenities were the main reasons behind the huge response from bidders and led to tough competition. According to the analysts the ‘Toh Tuck’ bidding received the second highest total bids among the residential land sales in the history after Westwood Avenue tender, which had received 32 bids in 2009.
Despite of being a resale property, its location with good amenities like school, eateries & good transit options available at walkable distance led to a huge response from the developers. Besides this, as the residential land in Singapore is becoming scarce so the developers are in need to fill up their inventory.
The table given below gives brief information about the top 10 bidders out of the total count of 24. According to Mr. Ong JLL National director for research and consultancy, this was an astonishing bidding as the bidding was very aggressive between the top 5 bidders with a price range of 10.4% and every bidder proposed above S$850 psf ppr giving tough competition to each other.
Table 1 : Top 10 Bidders List
|Sr. No.||Tenderer||Tendered Sales Price||In S$PSM
|1||SP Setia International||265.0||10,111||939|
|4||Heliconia Land and KBD Ventures||241.7||9,221||857|
(South Pacific) Development
|6||Intrepid Investments, Verwood Holdings and TID Residential||228.5||8,719||810|
|7||Ridge Rise Development||226.3||8,634||802|
|10||Singland Homes and UOL Venture Investments||214.5||8,184||760|
Among all the bidders the top bid was made by the Malaysian property developer SP Setia International who placed the bid at S$265 million, breaking the assumptions made by all property consultants.
As per the GM of SP Setia, the group has planned to make five storey residential building comprising of 320 units.
The URA would be awarding the tender soon after evaluation of the bids. Other than Toh Tuck Site, a mixed development site located at Bukit Batok West Avenue 6 was also recently sold by URA. The tender for this upcoming Bukit Batok Condo was awarded to Qing Jian Realty.
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