Hoi Hup Realty outbid two other developers with its $340.9 million bid for the Miltonia Close executive condominium (EC) site adjacent to Orchid Country Club as at the close of the tender on April 14. Hoi Hup’s top bid, at around $732 psf per plot ratio (ppr), is 9.2% higher than the next-highest bid from Intrepid Investments and TID Residential.
The “healthy” response to the tender was expected, says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC). “While the site is not within walking distance of an MRT station, it is located near Lower Seletar Reservoir, which may appeal to homebuyers looking for a more tranquil homestead close to greenery and water bodies.”
