Toa Payoh SiteProperty developers have shown strong interest in Toa Payoh residential site after attracting 14 bids at the end of its auction last 18 June, according to Housing and Development Board (HDB).

Mr Desmond Sim of CBRE said that the outcome is unsurprising considering the site is located within a firmly established estate with a very few projects of residential projects.

The site at Lorong 4 Toa Payoh and Lorong 6 Toa Payoh drawn a top bid of S$345.86 million from the consortium that includes Greatearth, Evia Real Estate and Gamuda Berhad. The second highest bid of $342.1 million was offered by Sing Holdings.

The Toa Payoh residential site can yield approximate 535 residential units with break even price around $1,250 psf, expected sales starts for this project is around $1,450 to 1,500 psf.

Since 2010, Evia Real Estate has launched 3 Singapore condominium projects which include Heron Bay in Upper Serangoon, Watercolours in Pasir Ris and the record-breaking Executive Condominium Lake Life EC in Jurong Lake District.