13 bids for Yishun mixed commercial & residential site tender

The tender for a mixed commercial and residential site at Yishun Ring Road/Yishun Avenue 9 has attracted 13 bids.

According to the Housing and Development Board (HDB), the highest bid of S$212.1 million was submitted by CEL Property – subsidiary of Singapore-listed Chip Eng Seng Corporation.

This translates into about S$8,551 per square metre of gross floor area.

The second highest bid was jointly placed by Boo Han Holdings and Far East Orchard at S$193.7 million.

URA said the other bids for the 99-year leasehold site ranged between S$55.5 million to S$182.6 million.

CBRE Research said the level of interest was “within expectations”.

It believed that the residential project above the retail space should generate a fair amount of interest, going by the success of other mixed-use sites like The Hillier and Bedok Residences.

The firm pointed out that Northpoint is the only shopping mall in the area at present. Hence, the retail space that is developed in the site should be well-received by residents, office workers and students in the vicinity.

Desmond Sim, Associate Director, CBRE Research said: “This site will be the first private residential project in the proximity of Yishun MRT station and will be a pre-cursor to the next mixed use site at the current Yishun Bus Interchange, that will be put up for sale in June 2013.”

CBRE Research estimates that the developer could sell the retail portion on a strata-titled basis at around S$3,000 psf to S$4,000 psf and the residential units at around S$900 psf.”

The land parcel spans 8,858.3 square metres, and has a maximum permissible gross floor area of 24,803 square metres.

HDB said a decision on the award of the tender would be made after the bids have been evaluated.

Source : Channel NewsAsia – 24 Jan 2013

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