Wee Hur shares up 3.4% after property arm named top bidder of Upper Thomson condo site

Shares of Wee Hur jumped 3.4 per cent around midday on Friday (Oct 24) following the news of the group’s property arm and its controlling shareholder GSC Holdings outbidding four other contenders with a S$613.9 million offer for an Upper Thomson residential site.

As at 1.08 pm, the counter reached S$0.76, up by nearly 4 per cent after opening at S$0.735, before easing to S$0.755 at 1.12 pm. By 2.10 pm, shares of Wee Hur were trading 2.7 per cent higher at S$0.075.

The bid amounts to a land price of S$1,061.56 per square foot per plot ratio (psf ppr). This is slightly above analysts’ forecasts of S$900 to S$1,050 psf ppr in a poll by The Business Times earlier this week. They expect the average selling price of the upcoming development to be around S$2,300 psf or more, with a potential launch date in 2027, reported BT previously.

Wee Hur’s bid crossed the second-highest bid from Frasers Property, Soilbuild Group and CYZ Land by 2 per cent. The Frasers joint venture made an offer of S$601.5 million or S$1,040.06 psf ppr. In third place was GuocoLand, Hong Leong Holdings and two Hong Leong Group entities – Intrepid Investments and TID Residential – with S$546.5 million or S$944.98 psf ppr.