This is the priciest residential site for Q3

It is worth a hefty sum of $516.30 million.

According to Colliers International, the third quarter of 2012 saw the conclusion of the most sizeable public residential land sale so far in 2012.

Here's more from Colliers International:

A 2.4-ha condominium site on Prince Charles Crescent was clinched by a consortium formed by WingTai Holdings Limited, Metro Holdings Pte Ltd and United Engineers Limited for a hefty sum of $516.30 million.

The unit land price of $960 per sq ft per plot ratio for this 99-year leasehold condominium site outstripped the previous high achieved in the locality – Singapore Land Limited paid $881 per sq ft per plot ratio for the adjacent 99-year leasehold site on Jervois Road in February of this year.

The residential sector continued to be a standout in the quarter which ended in September with a total of $4.97 billion worth of deals accumulated from both the public and private sectors, accounting for some 44.5% of 3Q 2012’s total investment sales value and surpassing the previous quarter’s level.

Private sector sales of residential properties (including land) gained further momentum in 3Q 2012 to reach $3.04 billion, 46.2% above the $2.08 billion transacted in 2Q 2012.

Of these, some $1.18 billion was contributed by seven collective land sales. The $1.18 billion worth of residential collective deals is also a new high since some $6.53 billion worth of deals accumulated from 41 collective sales took place in 2Q 2007 when Singapore’s property market was at its peak.