Ang Mo Kio 99-year private housing plot draws 15 bids; Tengah EC plot, seven bids
A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids at a state tender that closed on Tuesday.
The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land.
Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
The plot is near the Mayflower MRT station.
UOL chief investment and asset officer, Jesline Goh, said: "We plan to develop 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 land bank, given that Avenue South Residence and Clavon are more than 65 per cent and 80 per cent sold respectively.
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"Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
"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 recent years. As this is the latest Government Land Sales site in Ang Mo Kio in the last seven years, we believe there will be healthy demand for the project."
The tender for the site was conducted by Urban Redevelopment Authority (URA).
Also closing on Tuesday was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore).
ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed.
The tender for the Tengah EC site was conducted by the Housing & Development Board.
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