Chestnut Avenue residential site gets $180m top bid

S P Setia International (S) Pte Ltd was the highest bidder among 12 developers.

The 18,699.4 sqm land parcel will have a maximum permissible gross floor area of 39,269 sqm with condominium/flats as allowable development.

The site at Chestnut Avenue, offered for sale on a 99-year lease, was launched for public tender on 15 September 2011.

Joseph Tan, Executive Director, Residential, CBRE, noted, “The top bid of $180 million or $426 psf/plot ratio will translate to an estimated breakeven cost of $850 psf to $900 psf. This will give the developer a good margin based on the current pricing of (nearby) Foresque Residences.”

A decision on the award of the tender will be made after the bids have been evaluated.