Tenders for 2 government land sale (GLS) property sites closed on May 25. The bigger property site is a 237,029 sq ft exec condo (EC) property site at Tengah Garden Walk, and also the other is a 136,479 sq ft, 99-year leasehold at Ang Mo Kio Avenue 1.
The site at Ang Mo Kio Avenue 1 drew in 15 bids and the leading proposal of $381.38 million ($1,118 psf per story proportion) was submitted by United Venture Development, a 60:20:20 joint endeavor (JV) in between UOL Group, Singapore Land Group, as well as Kheng Leong.
The JV companions claim they will develop a 24- or 25-storey task of more than 370 devices, capitalising on the unblocked sights towards Bishan-Ang Mo Kio Park as well as Lower Pierce Reservoir Park. “It is a prompt replenishment for our landbank, given that Avenue South Residence as well as Clavon are more than 65% and also 80% marketed respectively,” says Jesline Goh, UOL primary investment and asset police officer.
The new development will certainly benefit from its distance to Mayflower MRT station on the Thomson-East Coast Line which is slated to open in later this year.
“This confident leading quote comes in above expectations, as well as at $1,118 psf ppr, the possible selling price for the household units right here when ready to release can begin with $2,000 psf to $2,100 psf,” says Leonard Tay, head of research study at Knight Frank Singapore.
The 2nd highest quote of $358.88 million originated from Titus Residential SG, and it was very closely adhered to by a joint quote of $353.33 million by Far East Civil Engineering, Fortune Harmony, and also Sekisui House. Developers Hoi Hup Realty, Sunway Developments, and also Oriental Worldwide Investments likewise sent a joint quote of $335.9 million.
“Residential land for redevelopment in Ang Mo Kio often tends to attract lots of bidders. As an example, Thomson Impressions saw 18 prospective buyers in 2014, The Panorama had 12 prospective buyers in 2013, as well as Centro Residences drew 14 proposals in 2007,” states Mark Yip, CEO of Huttons Asia.
Based upon the number of proposals and tendered prices, competitors to safeguard this prime site was tight, as well as “designers were forced to bid more than $1,000 psf per plot proportion to stand a possibility of protecting (the site)”, says Yip.
Source: https://www.edgeprop.sg/