Tag Archives: Serangoon

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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15 bids received for residential site at Serangoon Ave 3

Posted on 7 Oct 2009 | Comments Off on 15 bids received for residential site at Serangoon Ave 3

The Urban Redevelopment Authority (URA) received 15 bids at the close of the tender for the residential site at Serangoon Avenue 3 on Wednesday.

The site, which was originally on the Reserve List of the Government Land Sales Programme, was launched for public tender on September 9. The 99-year leasehold site has an area of about 13,877 square metres and a maximum permissible gross floor area of 38,857 square metres.

Intrepid Investments submitted the highest bid of S$221.2 million, followed by Tuas Hi-Tech Park at S$195.9 million and Keppel Land at S$190 million. The lowest bid of S$120 million came from Lippo Estates.

Li Hiaw Ho, Executive Director, CBRE Research, said: “The popularity of the Serangoon Avenue 3 site is evidenced by the 15 bids that were submitted as well as their price quantum.

“Developers are very confident of this site because it is situated next to the Lorong Chuan MRT station and is close to the Australian International School. It is also close to amenities in Serangoon Gardens and the upcoming shopping mall, nex, at Serangoon Interchange station.”

CBRE said the top bid of S$221.2 million works out to S$529 per square foot per plot ratio and is 164 per cent above the reserve price of S$83.7 million. Continue reading →

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