What the Jalan Lempeng tender bid means for unit prices

Units for the site are estimated to have a breakeven cost of $950-$980 psf so expect to pay more.

Colliers International made the ballpark estimate after the bids for Jalan Lempeng topped at $408 million or $554.35 psf ppr from Malaysian developer IOI Properties Berhad.

This winning bid for the private non-landed residential site was 13% and 22.2% higher than the second- and third-highest bids.

"The price range reflects the keen interest of IOI Properties Berhad on the site amid continued cautiousness among other developers," said Colliers International in its bid result comments.

"The interest stems from the site’s location, which is also a stone’s throw away from the Clementi MRT Station, bus interchange and tertiary educational institutions (e.g. National University of Singapore, the upcoming School of Science & Technology Singapore and Singapore Polytechnic)," it added.