PropNews - Far East emerges as highest bidder

The 2nd land sold near Somerset MRT attracted the highest bid of S$ 421 Million from Far East Organization. The price translates to around $1,085 per sq ft at maximum Gross Floor Area and this means that its prices are at 6% above the Orchard Turn site though development costs should be cheaper. At this price, analysts are expecting an all retail concept for Far East to profit/breakeven. However, Far East should most probably follow the route of its SOHO @ Central concept. Expect Far East to build some one-bedroom/lofts in addition to retail below. Somehow Far East has been concentrating on 1 to 2 bedroom apartments in its recent offerings which includes Vida at Scotts Road and the Icon at Tanjong Pagar.
Many new developments in the city are also targeting small families/young executives as they see this group being the most attracted to life in the city.