Land Cost & Price
The 99-year leasehold tender site at Irwell Bank Road by the Urban Redevelopment Authority was an astounding success that drew in seven bids.
Tricia Song, head of research for Singapore, Collier International, anticipated that the top bid could be within the $650 million to $680 million range.
However, the winning bid by City Developments Limited (CDL) was at $1,515.10 per square foot per plot ratio (psf ppr), a figure of $583.89 million.
The winning bids were lower than usual, as developers this time around are more cautious budget wise due to the high influx of incoming supply and cooling measures.
*Irwell Hill Residences Guide Price for Typical Units After Early Bird Discount*