A 60:20:20 joint venture between UOL Group Limited, Singapore Land Group Limited and Kheng Leong Company submitted the highest bid of $381.4 million or $1,118 psf ppr.
The 99-year leasehold residential site at Ang Mo Kio Avenue 1 received robust interest from developers, attracting 15 bids during the close of its tender on Tuesday (25 May). The site was launched by URA on 26 November last year.
A 60:20:20 joint venture between UOL Group Limited, Singapore Land Group Limited and Kheng Leong Company submitted the highest bid of $381.4 million or $1,118 psf ppr.
Leonard Tay, Head of Research at Knight Frank Singapore, described the total number of bids and the top bids exceeding $1,000 per-sq-ft-per-plot-ratio (psf ppr) as bullish, “especially as developers contest for land in areas that have limited pipeline supply of new private homes in the next couple of years”.
He noted that the top bid is 6.3% above the second-highest bid of $358.9 million or $1,052 psf ppr.
“This optimistic top bid comes in above expectations, and at $1,118 psf ppr, the possible selling price for the residential units here when ready to launch could start from $2,000 psf to $2,100 psf,” added Tay.
UOL Chief Investment and Asset Officer Jesline Goh has revealed plans to develop the site into “a 24/25 storey project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate.”
“It is a timely replenishment for our landbank, given that Avenue South Residence and Clavon are more than 65% and 80% sold respectively,” she said.
“We like this site as it is in the outside central region which shares the same attributes like our other well-received projects launched in the recent years. As this is the latest GLS site in Ang Mo Kio in the last seven years, we believe there will be a healthy demand for the project.”
Goh noted that aside from being situated within a popular residential town with strong amenities, the site will benefit from the nearby Mayflower MRT which is set to open this year. It is also near good schools such as Ai Tong Primary School and CHIJ St Nicholas Girls’ School.
Given its attractive location, the future project at the site is expected to appeal to owner-occupiers, including HDB upgraders, said Wong Siew Ying, Head of Research and Content at PropNex, adding that the land bid of $1,118 psf ppr for the Ang Mo Kio Avenue 1 plot is about 41.5% higher than the Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13 (now The Panorama) that was successfully tendered for $790 psf ppr in January 2013.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
