The sluggish real estate market did not deter developers from submitting top dollar in the latest tender for the Toa Payoh site. This is in view that the latest government measures on the restrictions of multiple property owners through the introduction of the Additional Buyer Stamp Duty (ABSD) as well as the Total Debt to Service (TDSR) has dampened general property demand and therefore developers might be skeptical to bid too high for a plot of land.
Toa Payoh Tender for Evia Real Estate
Recently, there has been many developers who are keen to developer residential land in Singapore despite the fact that there are negative sentiments in the market. For example, there are many looking to shore up their land banks due to the fact that there are already less land to be released for sale under the government land sales programme. The Toa Payoh tender shows that the massive number of bids received are a clear indication that developers are still hunger for land in the sluggish market. One of them is the winning developer, Evia Real Estate. The developer has just sold off all of its units at Lake Life EC and therefore looking around to develop new properties to keep its Singapore office busy.
Top Bid for Toa Payoh Site
The last private project was Trevista launched by NTUC Homes in 2008 and it is fully sold out. Many buyers have good reviews about the development given its location. Also, a close look at the land plots available shows there is not much space left in the Toa Payoh Town available for private condo development as it has became densely populated in the recent years and hence Evia Real Estate is confident of its new project condo launch.