Showing signs of revival, the property market is back on track.

According to the reports, a whopping number of 16 bids were received for a residential housing site on Tampines Road.

The aggressive bids pave way for the revival of the industry.

The site that has been zoned for landed or apartment housing is near Hougang Avenue 3.

According to the reports of HDB the site will be given for a lease of 99 years. The total land area of the site is 28,656 sq ft and the maximum gross floor area is 40,118 sq ft.

A $6.5 million offer by a builder set off the sale of the site.

The top bidder for the site is Fragrance Properties which quoted a figure of $16.25 million for the bid. The figure when broken down calculates to $405 per sq ft per plot ratio. The second highest bidder was Whye Wah Group, with $15.5 million.

The lowest bidder for the sight was Kim Hoe Corporation at $7.5 million - or $187 psf ppr. Fragrance Properties bid was almost double than Kim Hoe Corporation.

Commenting on the high participation rate, Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic says that both large and small developers are hungry for development sites and are extremely optimistic about the growth of the property market next year.

The launch of the residential project is expected by the end of this year and the completion is due by the year 2013.