Plum Newton site garners 8 bids, topped by HH Investment at S$566.29 million or S$1,820 psf ppr

[SINGAPORE] HH Investment, a Singapore-incorporated company understood to be owned by members of the Liao family behind Huang Hsiang Construction Corporation of Taiwan, has placed the top bid of S$566.29 million – or nearly S$1,820 per square foot per plot ratio (psf ppr) – for a 99-year leasehold private housing site next to Newton MRT station.

The state tender for the site, which closed on Tuesday (Nov 11), pulled in eight bids. It can yield about 340 private homes.

The second-highest bid, from a tie-up between Hoi Hup Realty and Sunway Developments, came in at S$504.38 million or about S$1,621 psf ppr.

Also bidding was a Wing Tai unit with S$1,555.47 psf ppr. A tie-up between CapitaLand Development and Mitsubishi Estate Co offered S$1,555.38 psf ppr for the site.

A unit of China Overseas Land & Investment bid about S$1,481 psf ppr for the site.

Garden Estates partnered Intrepid Investments for a S$1,480 psf ppr bid.

Allgreen Properties’ Aster Residential was the second-lowest bidder, at nearly S$1,449 psf ppr.

The lowest bid, from Japura Development – linked to CK Asset, founded by Hong Kong tycoon Li Ka-shing – was S$1,311.26 psf ppr.

Analysts polled by The Business Times earlier this week had forecast three to 10 bids for the site. Their predictions of the highest bid was in the range of S$1,300 to S$1,600 psf ppr.

SEE ALSO

URA releases first private condo site in new Newton estate for sale

New private homes planned in Paterson, Newton areas

Kingsford places top bid of S$918.3 million or S$1,326 psf ppr for first condo plot on former Keppel Club site

The site, in Bukit Timah Road, is the first land parcel that the government put up for sale under plans for a new residential precinct in the Newton area.

The Urban Redevelopment Authority has envisioned the new neighbourhood as a “vibrant, mixed-used urban village” under the Draft Master Plan 2025 unveiled in June.

URA has plans for about 5,000 new private homes to be introduced progressively in three clusters in the Newton neighbourhood; they are in Newton Circus, Scotts Road and Monk’s Hill.

The latest site that was up for tender is in the Newton Circus cluster, which will include a new amenity node with high-density, mixed-used developments anchored by a central public space envisaged as a “village square”.