Tag Archives: Lorong Chuan

Serangoon residential site draws 15 bids

Posted on 8 Oct 2009 | Comments Off on Serangoon residential site draws 15 bids

Top bid of $221.2m comes from Intrepid Investments, a unit of Hong Leong

FIERCE competition for residential land shows no signs of abating as 15 developers submitted bids for a 99-year-leasehold site in Serangoon Avenue 3.

This is the highest number of bids put in for government residential land so far this year. The last three tenders had drawn 12 to 13 bids each.

The Urban Redevelopment Authority (URA) closed the tender for the Serangoon site yesterday, and the top bid of $221.2 million or $529 per square foot (psf) of gross floor area (GFA) came from Intrepid Investments Pte Ltd, a unit of Hong Leong Holdings.

Tuas Hi-Tech Park Pte Ltd, a Far East Organization unit, came in second with a bid of $195.9 million or $468 psf of GFA. The highest offer was some 13 per cent more than this.

The top bids for the site markedly surpassed property consultants’ predictions – they had expected the numbers to fall closer to $400-$450 psf of GFA. Continue reading →

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Popular condo site draws 15 bids

Posted on 8 Oct 2009 | Comments Off on Popular condo site draws 15 bids

Top bid for Serangoon land parcel higher than expected at $221m

DEVELOPERS have again shown how hungry they are for land.

RELATED LINKS   Top 5 bidders

Hong Leong Holdings has topped the tender for a popular condominium land parcel at Serangoon Avenue 3, which attracted a whopping 15 bids at its close yesterday.

The top bid, made through Intrepid Investments, came in higher than expected at $221.2 million, or $529 per sq ft (psf) of gross floor area. It is about 13 per cent ahead of the second highest bid of $195.9 million, or $468.3 psf of gross floor area, from Far East Organization’s Tuas Hi-Tech Park.

The high offer price is 164 per cent above the trigger bid of $83.7 million, or about $200 psf of gross floor area. This is the minimum bid submitted by a developer to trigger a site for sale from the Government’s reserve list.

Analysts had mostly expected the 1.38ha plot next to Lorong Chuan MRT station to draw bids of between $350 psf and $450 psf. Continue reading →

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