Real estate
Hong Leong, TID place top bid of S$181.86m or S$1,755 psf ppr for Orchard plot
Hong Leong and TID placed the top bid for an Orchard plot: $181.86 million, or about $1,755 per square foot of potential floor area. That second figure is a land price. It is not the price of a finished home.
No units from this site are for sale yet. By the time a project is launched, the price of an actual apartment also has to cover construction, interest, and the developer’s margin. Launch prices per square foot of a unit are usually much higher than the land bid.
If you own or are selling nearby, buyers may mention this number. It is context. It is not a valuation of your home.
3 Takeaways for Buyers & Sellers
- Does a high land bid tell you what a condo will cost? A high land bid shows that developers wanted that site. It does not tell you what a finished unit will cost, or what your own home is worth today.
- Should buyers pay more now because of this Orchard site? If you are buying nearby now, price the home in front of you. Do not pay extra today for a project that has not been launched.
- How should nearby sellers use this bid? Sellers should lean on recent sales of similar homes. A land bid is background, not your asking price.