Gamuda among 14 to bid for residential land in Singapore

A consortium comprising Malaysia's construction firm, Gamuda Bhd, is among the 14 bidders for a piece of high-demand residential land in the Toa Payoh estate, Singapore.

Tender results announced by the Housing and Development Board at the close of tender on June 18, 2015 showed stiff competition among the bids submitted.

"It was a very close tender. The top five tenderers’ bid prices are within a close range of four per cent and we are merely one per cent above the second highest bid,” Gamuda’s head of property division Chow Chee Wah said.

In a statement, Gamuda said the company and its partners, namely Evia Real Estate (7) Pte Ltd and Maxdin Pte Ltd recorded the highest bid of S$345.86 million (RM962.5 million), which works out to an average land cost of S$8,130 (RM22,672) per square metre of gross floor area, or about S$755 per square feet.

“If we are awarded the tender, it will be Gamuda’s first foray into property development in Singapore,” added Chow.

Toa Payoh is a well-established and matured estate located in the central region of Singapore with very few private residential projects. It is notably one of the earliest public housing estates in the state republic.

The 1.214-hectare site in Toa Payoh is situated within walking distance from the North South Line’s Braddell MRT station. Development on the parcel will comprise private residential units.