The Urban Redevelopment Authority received 12 bids at the close of tender for the residential site in Ang Mo Kio Avenue 2 on Tuesday.
Pinehill Investments – a wholly-owned subsidiary of Wheelock Properties (Singapore) – was the highest bidder for the residential site for S$550 million, or S$790 per square feet per plot ratio (psf ppr).
This was 2.6 per cent above the second highest bid of S$536 million submitted by Athens Residential Development, a subsidiary of CapitaLand.
Other developers who participated in the tender include a joint venture between Aspial Corporation and Fragrance Group (Bayfront Land), MCL Land, Keppel Land (Acresvale Investment) and a combined bid between City Developments Ltd, Hong Leong Investment Holdings Pte. Ltd. and Hong Leong Holdings Limited through their various subsidiaries.
Property consultants said the relatively high bids indicate the attractiveness of the site and that some developers are still hungry for attractive development sites.
The site has a land area of 198,941 square feet and has a total permissible gross floor area of 696,292 square feet.
The plot is next to a landed housing estate and is close to several popular schools including the CHIJ St. Nicholas Girls’ School, Ai Tong School and Anderson Primary School.
Experts said it could potentially yield about 670 to 710 dwelling units.
This is the latest project that has been launched in Ang Mo Kio since the launch of Centro Residences in September 2009.
Joseph Tan, executive director of residential at CBRE noted that he expects “healthy interest in the project from upgraders in the nearby mature estates”.
Nicholas Mak, executive director at SLP International Property Consultants said,”Being situated in between landed housing and public housing, the future condominium development could attract both HDB upgraders and residents from the landed properties who want to continue to live in the neighbourhood.”
“The expected breakeven price is about S$1,180 to S$1,220 per square feet. When it is launched at the end of 2013 or early 2014, the average price of this development could exceed the previous benchmark price for an uncompleted 99-year leasehold condominium that was set by Thomson Grand. The recent transacted price of condominium units at Thomson Grand averaged S$1,280 psf,” he added.
Source : Channel NewsAsia – 8 Jan 2013