The property market, in the recent past, hasn’t been exactly showing the expected warm results. It was evident in the bidding activity that took place in three tenders for executive condominium (EC) land sites. These tenders closed yesterday. Among these EC sites, Housing Board’s site, located at Canberra Link, emerged out victorious as it received the maximum number of bids.
Both sites are located in the west region of Singapore. The site with commercial components is located at Dairy Farm Road while the other residential plot Jalan Jurong Kechil. For the former, a total of 5 bids were received with the highest being placed by United Engineers’ UED Residential. It was valued at$368.8 million. In terms of psfper GFA (gross floor area), its value was $830. This site covers an area of 211,486 sq. feet. It is slated to be a residential building. However, the first floor will be dedicated to commercial uses. The maximum permissible GFA of this property is 444,129 sq. ft.
$364.9 million is the value of the second highest bid placed for the land parcel at Dairy Farm Rd. It was placed by Greatview Group, Yu Zhisong’s Greatview Investment, and MCC Land (Singapore), a part of Chinese developer MCC Group. CSC Land Group Pte Ltd (Singapore) and COHL Singapore Pte Ltd placed a bidding price of $357 million while a $333.3 million offer came from CEL Development (by Chip Eng Seng). The fifth and understandably the lowest bid was placed for $228.8 million by Wee Hur Development.
For the other property located at Jalan Jurong Kechil, the difference between the top two bids was noted as 31.3% whereas, forthe plot situated along Dairy Farm Road, the difference was merely 1.1%.
The site at Jalan Jurong Kechil is a 99-year site. Launched under the Government Land Sales, it has an area of 153,223 sq. feet. The maximum permissible GFA if 214,513 sq. feet. It was launched for sale on June 28. . CSC Land Group Pte Ltd (Singapore) and COHL Singapore Pte Ltd jointly hold the top spot among the bidders as tied up with a bidded price of $215 million for this site. Hao Yuan Investment and Sim Lian Land were the other bidders. The values of bids placed by them are $163.8 million for Hao Yuan Investment and $130 million for Sim Lian Land.
Coming to the most popular site with the bidders, the one located at Canberra link. It was launched on June 28 for tender. Slated to have 450 units, it covers an area of 194,187 sq. feet. The gross plot ratio of this site is 2.5 while the maximum permissible GFA is 485,468 sq. feet.
This site received the highest bid of $271 million by Sunway Developmentsand Hoi Hup Realty. A close second spot among the bidders was held by MCC Land and Greatview Investment. The value of this bid is $258.9 million. JBE Development placed the lowest bid of $201.8 million.
It is assumed that the low number of EC land (less than 20) is the major reason why this site received maximum bids.
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