Closed at a lower bid compared to its neighbour land parcels
A residential site ( Parcel B ) at Prince Charles Crescent was released for sale last year, 2014 April by Urban Redevelopment Authority (URA). The site was eventually rewarded to UOL Ventures Investments Pte Ltd and Kheng Leong Pte Ltd at a bidded price of $463.1 mil ( $821 psf ppr).
This land parcel has a huge land area of 24,964 square metres and is expected to house about 655 residential units. Located just at the city fringe, this plot of land is with close proximity to the central shopping and financial district of Singapore.
In comparison to the land parcel (Parcel A) which was just next to Parcel B and awarded to Wing Tai ‘s Wingstar Investment, Metro Australia Holdings and UE E&C ‘s unit Maxdin at a top bidding of $516.3 mil ($960 sf ppr) in 2012, Parcel B was actually sold at a much lower price. In fact, among the land parcels around it that had been put up for sale in the recent years, Parcel B at Prince Charles Crescent had one of the lowest bidded prices. Some of the new launches from these residential site include Alex Residences and Mon Jervois. It was believed that one of the reasons for the drop in the bidded price could be due to the imposed cooling measures such as the ABSD (Additional Buyer’s Stamp Duty) and TDSR (Total Debit Servicing ratio) framework.
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