May 17

Ang Mo Kio Avenue 1 Land Bid For New Condo Launching in 2022…


Tenders for 2 federal government land sale (GLS) residence net websites shut on May 25. The larger home net website is a 237,029 sq feet policeman house (EC) framework internet site at Tengah Garden Walk, along with in addition the various other is a 136,479 sq feet, 99-year leasehold at Ang Mo Kio Avenue 1.

The internet site at Ang Mo Kio Avenue 1 generated 15 quotes along with similarly the leading recommendation of $381.38 million ($ 1,118 psf per tale percent) was sent by United Venture Development, a 60:20:20 joint venture (JV) in between UOL Group, Singapore Land Group, in addition to Kheng Leong.

The JV good friends urge they will certainly create a 24- or 25-storey job of more than 370 gadgets, capitalising on the unblocked views in the direction of Bishan-Ang Mo Kio Park together with Lower Pierce Reservoir Park. “It is a punctual replenishment for our landbank, thought about that Avenue South Residence together with Clavon are over 65% along with additionally 80% marketed particularly,” insists Jesline Goh, UOL vital financial investment together with domestic or business residential or commercial property authorities cops.

The brand-new growth will definitely maximize its variety to Mayflower MRT incurable on the Thomson-East Coast Line which is slated to open up in the future this year.

” This certain leading quote can be situated in above anticipations, together with at $1,118 psf ppr, the feasible asking price for the member of the family devices best listed here when prepared to present can start with $2,000 psf to $2,100 psf,” discusses Leonard Tay, head of research study at Knight Frank Singapore.

The 2nd best viable quote of $358.88 million originated from Titus Residential SG, in addition to also it was really completely adhered to a joint quote of $353.33 million definitely East Civil Engineering, Fortune Harmony, together with in a similar way Sekisui House. Developers Hoi Hup Realty, Sunway Developments, along with additionally Oriental Worldwide Investments furthermore sent out a joint quote of $335.9 million.

” Residential land for redevelopment in Ang Mo Kio commonly has a tendency to draw in bargains of feasible buyers. As a scenarios, Thomson Impressions saw 18 viable customers in 2014, The Panorama had 12 practical purchasers in 2013, along with Centro Residences generated 14 referrals in 2007,” talks about Mark Yip, CEO of Huttons Asia.

Based upon the series of propositions in addition to tendered costs, challengers to protect this prime website was limited, in addition to “developers were required to bid over $1,000 psf per story percent to stand an opportunity of protecting (the website)”, states Yip.



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