Three major property developers, City Developments Ltd (CDL), Frasers Property, and Sekisui House, have come together to submit the highest bid of $968 million for a Government Land Sales (GLS) site at Lorong 1 Toa Payoh. This 1.57ha site, situated at the junction of Lorong 1 and Lorong 4 Toa Payoh, has attracted significant interest with its prime location.

The bid translates to a land rate of $1,360 per square foot per plot ratio (psf ppr). If successful, these property giants plan to develop a residential project comprising of two blocks of 40 storeys, which would offer close to 800 residential units. The site’s strategic location near Braddell MRT Station, just one stop away from Bishan MRT Interchange on the North-South and Circle Lines, adds to its desirability.

Toa Payoh has witnessed several million-dollar HDB resales in recent years, indicating a promising pool of potential HDB upgraders residing within the Toa Payoh estate. This further enhances the overall demand outlook for the upcoming development on the Lorong 1 Toa Payoh site.

It is estimated that the new project’s average selling price may range between $2,400 and $2,500 per square foot (psf).

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