The leading developer of China, Fantasia Holding Group, with subsidiary in the name of Fantasia Investment, Singapore, came out as the top bidder among the total of 11 groups of developers for a low rise private residential site at Lorong 1 Reality Park. Fantasia investment made the highest bid at S$75.8 million which turns out to be S$525.58 psf ppr (per square foot per plot ratio). The least bid came from Lots Property at a price of S$29.88 million. Lots Property was a part of Yuan Ching Development. The (Government Land Sales) GLS tender for this residential plot was closed on 1 June, at noon.
Lorong 1 Reality Park site is a 99-year leasehold site spread across an area of 1.34-ha in Hougang. It was released on sale through 1st half 2017 GLS Programme’s confirmed list.
This site is located within the well established Upper Serangoon area. It is estimated that nearly 50, three storeys landed home units can be accommodated in the same.
Besides being located at such a prime location it has got many other positives too. The site has got many amenities which are seeked by any one while buying a residential property like a ‘Catholic Archdiocesan Youth Centre’, recreational centres like a swimming complex and a stadium nearby. Other than this, with respect to shopping the future residents can shop at ‘Heartland Mall-Kovan’ and ‘Hougang Mall’ to fulfill their retail needs and for other purposes.
In terms of transit options the site has got well established connectivity with the’ Central Expressway’ and ‘Kallang Paya Lebar Expressway’. Other than this, it has got ‘Hougang Central Bus Interchange’ and ‘Hougang MRT Station’ located at an approachable distance.
That’s probably the reason why it received such remarkable bids. The URA had evaluated all the bids thoroughly and eventually rewarded the land tender to the highest bidder, Fantasia Investment on the 5th June 2017.
With limited land resources in Singapore, vying for land tenders among developers are getting more and more aggressive. With increase demand in land, prices for future housing will definitely increase as well. While the market is still not too hot and new launch condos are still selling at reasonable prices, do consider to invest in a new launch today!