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SP Setia has set the bar for its competitors in a recent Singapore property bid. The Malaysian property developer bid against twenty-four hopefuls for property located in Toh Tuck.

This result comes as a surprise to property analysts. The majority expected the Toh Tuck plot to garner the highest bid of S$750 per square foot. Analysts have estimated the property to gather a maximum of sixteen bidders.

However, SP Setia topped the bid at a handsome sum of S$265 million, making each square foot worth S$939. This price is approximately 25% higher than the predicted price.

Companies close to sealing the deal are Singaporean property developer Singhaiyi Investments and commercial real estate developer Centrex Developments. The said companies bids are S$ 260.2 million and S$250.9 million respectively.

The plot is 18,721.4 square meters. Once developed, the property is expected to contain 325 units.

SP Setia released a statement waiting for a receipt for the final tender amount from Bursa Malaysia Securities on April 12. The Toh Tuk lot bidding is noted to garner the second highest number of bids for a  residential government land sales tender since 2009.

The Toh Tuk acquisition marks SP Setia’s first foray into the Singapore property market. The Malaysian developer specializes in property development, construction & infrastructure, and wood-based manufacturing & trading.