I have been wanting to write about this for some time but other things kept coming up. Nevertheless, it is still a very important piece which some people may not be aware about.

In an earlier post, Comments on the new residential land sale with 60 years lease or shorter, I wrote that URA has announced the residential site at Jalan Jurong Kechil with a variable lease of 30, 45 or 60 years lease. The land received 23 bids with all on the 60 years and only one for 45 years. This is expected as this is the first time residential land has been released at less than 99 years, so developers should be somewhat cautious.

However, the prices which came in are nothing short of surprising. The site was awarded to top bidder World Class Developments, a subsidiary of SGX listed Aspial Corporation for $73.8 mil or …