CDL-led consortium places top bid of S$710 psf ppr for Lorong Lew Lian site
The land parcel located along Upper Serangoon Road, at Lorong Lew Lian received a top bid of S$710 per square foot per plot ratio (psf ppr) by a consortium led by City Developments Ltd (CDL). The tender was closed on 05 November 2015.
Being triggered for sale under the reserve list of the 2H2015 Government Land Sales (GLS) programme in September (with a bid of S$552.93 psf ppr by an unnamed party), this 99-year leasehold site, situated near Serangoon MRT Interchange Station has drawn keen interest from property developers, with a total of 11 bids received.
It was noted that the top bid received for this land parcel was approximately 9.5% higher than the winning bid for the plot near Bartley MRT Station in January 2014 by UOL Group, which is slated for current new launch private residential project, Botanique at Bartley.
Details of the 2H2015 Government Land Sales programme being reported by Channel NewsAsia
In this latest land tender, it’s being noticed that a couple of mega-developers re-emerging into the scene, such as the joint-venture between Singland Homes and UOL Group (who came in second with a big of S$692 psr ppf) and Fraser Centrepoint (a third highest bid of S$688 psf ppr).
According to top bidder CDL, they are set to propose for a 12 to 13-storey tall condominium project, consisting of more than 500 homes.
It was also being mentioned by the group, that on top of the superb location of site which is within close proximity to Serangoon MRT Station, mega shopping mall and reputable educational institutes, residential units on the higher floor levels will get to enjoy views looking over the landed properties next to the future development. In fact, they already have a wealth of experience building residential projects in the North-Eastern region of Singapore, such as Bartley Residences, Bartley Ridge and The Venue Residences.
Property analysts have also made their comments on the strong interest received for this site along Upper Serangoon Road.
It was noted that despite a subdued property market, some property developers are ultimately still looking to replenish their land stock under their inventory (or land bank). The number of bids received has also illustrated the confidence of the real estate developers in the demand for private housing in this particular segment of Singapore’s property market.