The Urban Redevelopment Authority’s tenders for 2 99-year leasehold private home websites – just one in Irwell Bank Road nearby Great World City, and another close Bartley MRT channel – shut yesterday with a wholesome variety of bids.
The website at Irwell Bank Road attracted seven bids. Target to launch in 2H 2019 or 1H 2020, and for official project details, floor plans, reserve an appointment with KI Residences showflat address.
The second-highest bid, by a consortium containing Far East Organization, Sino Group and Sekisui House, arrived at $560.1 million, or $1,453.37 psf ppr. The cheapest bid, from Winvale Investment, has been $409.89 million, or $1,063.60 psf ppr.
The Website is near River Valley Primary School along with the forthcoming Great World MRT station. CDL said yesterday it will research a development containing two 36-storey cubes with approximately 580 residential units along with a basement carpark.
CDL staff chief executive Sherman Kwek explained:”The purchase of this Irwell Bank Road website is in accord with our discerning land replenishment plan and enables us to further strengthen our existence inside the River Valley-Grange Road region.”
Meanwhile, the Jalan Bunga Rampai website, close to Bartley MRT station on the Circle Line, fetched two bids, together with Wee Hur Development putting the best bid of $93.39 million or $885.33 psf ppr. The storyline could yield an estimated 115 housing units.
Ms Tricia Song, head of research to Singapore in Colliers International, stated the bid figures for the two websites were lower than anticipated, representing the”cautious belief” amid doubts, ample forthcoming supply and cooling steps.
On the other hand, the amount of bids for sites remains wholesome, she noticed,”but programmers seem to be bottom-fishing with reduced bids for websites”.