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Sengkang West Way site attracts strong interest

Posted by Property Launch Invest on Sunday, 06 October 2013 in Property News

A 99-YEAR leasehold private residential land parcel at Sengkang West Way drew a top bid of $262.1 million, or about $488.84 per sq ft per plot ratio (psf ppr).

The site was launched under the Government Land Sales programme by the Housing Board (HDB) on Feb 28.
UOL Group unit Secure Development made the highest bid for the approximately 179,900 sq ft site, which has a maximum gross plot ratio of 3.0.

Sengkang West Way Condo, Named RiverBank Condo

The site's maximum gross floor area is just over 536,000 sq ft.

The top bid slightly exceeded analysts' earlier expectations, which were in the range of $400-450 psf ppr.

UOL's bid was 3.4 per cent higher than the next highest bid by Bayfront Land, a joint venture between Aspial Corporation and Fragrance Group Ltd. They bid $253.6 million for the site, which translates to $472.89 psf ppr.

Bids also came in, in descending order, from a joint venture - between Frasers Centrepoint's FCL Topaz, Far East Organisation and Sekisui House - and Qingjian Realty, among others.

CapitaLand's Athens Residential Development submitted the lowest bid, at $111 million or $207.01 psf ppr.
The sale drew a total of eight bids, in line with the more optimistic expectations of analysts.

UOL president Liam Wee Sin said the developer planned to build a 20-storey development comprising around 600 units on the plot, hoping to "tap the upgrader demand in the north and north-east of Singapore".

Analysts estimate a break-even price of around $900 psf for the site, and expect UOL to launch the project at $1,000-1,100 psf.

Sungei Punggol, Sengkang Sports and Recreation Centre and Sengkang Riverside Park are located near the site.

Also in the vicinity are several other residential developments, including executive condominium (EC) H20 Residences and another upcoming EC site, both developed by City Developments.

H20 Residences was launched in March 2011 and is selling at around $950 psf.

Source: Business Times - 12 April 2013

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Sengkang West Way site attracts strong interest

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