GLS site at Ang Mo Kio Ave 1 attracts 15 bids with top bid of $1,118 psf

Tenders for two government land sale (GLS) websites closed on Might 25. The larger website is a 237,029 sq ft exec condominium (EC) website at Tengah Garden Walk, and the various other is a 136,479 sq ft, 99-year leasehold site at Ang Mo Kio Avenue 1.

The site at Ang Mo Kio Avenue 1 brought in 15 bids as well as the top proposal of $381.38 million ($ 1,118 psf per plot ratio) was sent by United Endeavor Development, a 60:20:20 joint venture (JV) between UOL Team, Singapore Land Team, and Kheng Leong.

Location of Klimt Cairnhill can be found here. Klimt Cairnhill is by Low Keng Huat former Cairnhill Mansions.

The JV partners claim they will certainly develop a 24- or 25-storey job of greater than 370 devices, capitalising on the unblocked sights in the direction of Bishan-Ang Mo Kio Park as well as Lower Pierce Tank Park. “It is a timely replenishment for our landbank, considered that Avenue South Residence and also Clavon are more than 65% and also 80% offered respectively,” states Jesline Goh, UOL primary investment and property policeman.

There was stiff competition amongst programmers to secure the GLs website at Ang Mo Kio Method 1 which ultimately attracted 15 bids at the close of the tender. (Image: URA Room).

The brand-new advancement will benefit from its closeness to Mayflower MRT terminal on the Thomson-East Shore Line which is slated to open in later on this year.

” This confident leading proposal is available in above assumptions, and also at $1,118 psf ppr, the possible selling price for the household units right here when all set to launch can start from $2,000 psf to $2,100 psf,” says Leonard Tay, head of study at Knight Frank Singapore.

The second highest proposal of $358.88 million originated from Titus Residential SG, as well as it was closely complied with by a joint proposal of $353.33 million without a doubt East Civil Design, Fortune Consistency, and Sekisui Home. Developers Hoi Hup Realty, Sunway Advancement, and also Oriental Worldwide Investments also submitted a joint quote of $335.9 million.

” Residential land for redevelopment in Ang Mo Kio often tends to bring in numerous prospective buyers. For instance, Thomson Impressions saw 18 bidders in 2014, The Scenic view had 12 prospective buyers in 2013, and Centro Residences drew 14 bids in 2007,” says Mark Yip, Chief Executive Officer of Huttons Asia.

Based upon the variety of proposals as well as tendered costs, competition to safeguard this prime website was tight, and also “programmers were forced to bid more than $1,000 psf per plot proportion to stand an opportunity of securing (the site)”, says Yip.

The EC site at Tengah Yard Walk drew in 7 proposals as well as a leading proposal of $400.32 million ($ 603 psf per story ratio) from Taurus Properties SG. The company is thought to be a joint endeavor comprising City Developments Ltd and also MCL Land.

The second highest bid of $400.19 million originated from CSC Land Group (Singapore), followed by a $382.88 million bid from QJ-OS as well as Santarli Realty. Hoi Hillhaven Condo Hup Real Estate as well as Sunway Developments additionally teamed up to submit a bid of $379.1 million.

The Tengah location has not seen an EC launch before and is reasonably untested ground for a brand-new EC growth, however the GLS website drew in a healthy and balanced level of involvement from developers that will capitalise on the anticipated swimming pool of HDB upgraders, claims Yip.

According to Nicholas Mak, head of study & consultancy at ERA Real estate, based upon the leading proposal, this makes it one of the most pricey land price for an EC land parcel and the development could be gone for regarding $1,200 psf, which is more than the average launch costs of lately released EC jobs on the marketplace.