UOL-UIC tie-up places top bid for Clementi Ave 1 site

A STATE tender for a 99-year leasehold private housing site along Clementi Avenue 1 has attracted five bids.

Units of UOL Group and United Industrial Corporation (UIC) teamed up to place the top bid of S$491.3 million, which works out to S$788.31 per square foot per plot ratio (psf ppr).

The second-highest bid came from MCL Land's Vesta SG Residences - it bid slightly more than S$471 million or S$755.75 psf ppr.

Also bidding for the site was a tie-up betwen Sing Holdings' fully-owned unit Sing Properties and MCC Land (Singapore), which offered S$452.3 million for the site.

Liam Wee Sin, group chief executive of UOL Group, said: "We like this Clementi Avenue 1 site for the same attributes that contributed to the 100 per cent sell-out for our nearby development, The Clement Canopy."

The Clement Canopy project, with 505 units, was released in February 2017 and completely sold in July 2018.

"From our experience, we believe that there is very strong demand for this locale due to its close proximity to a strong educational cluster anchored by the National University of Singapore, NUS High School and Nan Hua High.

"This site would attract not just homebuyers and upgraders but also investors, given the catchment of potential tenants from nearby establishments such as One-North, Science Park and National University Hospital.

"We plan to develop a 40-storey project comprising 640 units to capitalise on the extensive views. It is definitely a timely replenishment for our landbank given that The Tre Ver and Amber 45 are more than 75 per cent sold."

Another state tender, for a 99-year leasehold executive condominium or EC housing site along Canberra Link in the Sembawang area, has drawn eight bids.

The highest bid, from MCC Land (Singapore), was at S$233.89 million, translating to about S$566 psf ppr. This pipped the second-highest bid of S$233.5 million from a partnership between City Developments unit CDL Constellation and TID Residential.

ECs are a public-private housing hybrid.

MCC Land's chief executive officer Tan Zhiyong said the group had previously developed two EC projects (One Canberra and The Canopy) as well as project managed two other EC developments for other developers (Forestville and Northwave). All four EC projects are in Singapore's north.

"Leveraging on our experience, we are confident of developing an exciting EC project of about 385 units on the latest site, which will reflect the rapidly evolving landscape of this northern estate. Overall, the EC market holds considerable prospects in the next few years with a continued controlled supply and widening EC-private condominium price gap," he added.

Also bidding for the Canberra Link site was a tie-up between Hoi Hup Realty and Sunway Developments, which offered S$223.3 million for the site. Sim Lian Land bid S$218 million.

The lowest bid, from JBE Development, came in at slightly more than S$178 million or S$430.80 psf ppr.

Tenders for both parcels closed on Wednesday.