The Government Land Sales Programme has initiated a new land sale in Queenstown to be put out for tender to the developers who are keen to built a new condo at the site which is located right beside Queenstown MRT Station. The winners who submitted the top bid is HY Realty for Queens Peak HY Realty who is closely linked to Hao Yuan Investment. The tender winning for Dundee Road Queens Peak Queenstown MRT is HY Realty.
The company has put in a top bid of S$483.18 million equates to S$871.14 per square foot (psf) per plot ratio which is almost 10% higher than the Allgreen Properties which suggest that HY Realty is indeed confident about the location of the development. The recent property measures as well as the government’s stand to instill qualifying charges on unsold developer units have dampen the developer’s appetite for risk given that the developers …