A plump mixed-use new property site at Alexandra View saw Tang Skyline emerge as the top bidder when tender closed on 12 November 2015. Tang Skyline is related to Tang City Holdings or the Tang Group of companies. This government land sale plot is slated for private residential development with the first storey designated for commercial usage. According to URA, this plot can build about 400 private residential homes and a maximum of 21 commercial units which includes a supermart of minimum 10,764 square feet. The least size to be achieved for the smaller commercial units have been set at 538 square feet per unit.
One interesting thing to note about this site is that serviced apartments, or a mixture of both flats and serviced apartments are allowed.
A total of 10 bids were received for the 90,732.99 square feet land plot with a maximum permissible Gross Floor Area of 442,970.89 square feet. The top bid submitted by Tang Skyline at $376.88 million works out to $851 per square foot per plot ratio (psf ppr). This is 1% higher than the second bid submitted by joint venture Singland Homes and UOL Venture Investments at $842 psf ppr.
According to real estate industry experts’ prediction, breakeven price is about $1,350 psf to $1,400 psf based on the bid price submitted by the top bidder. Selling price is estimated from $1,530 to $1,950 psf.
This time round, the bidding is considered moderate and measured with the top 5 bids showing a close enough margin of 4.8%.
This Alexandra View parcel is attractive due to the fact that it is situated at the doorstep of Redhill MRT station and within immediate proximity to amenities like the Redhill Market and Food Centre, Tiong Bahru Plaza, Queensway Shopping Centre, Alexandra Central Mall and Ikea Queensway. School-going children have educational institutions located nearby such as Crescent Girls’ School and Gan Eng Seng Primary and Secondary Schools.
It would be ideal for investors if they want to have a slice of the rental pie of MRT-doorstep developments. Typically, developments near MRT stations can expect to fetch good rental yields.
Within the vicinity is Principal Garden which has just started its sales marketing. Principal Garden land cost was $821 psf ppr when tendered in April 2014. For home buyers who are looking towards a differentiated product, Principal Garden is one such example whereby it goes on a ratio of 80 : 20. 80% of the grounds comes with beautiful greens and botanic with only 20% dedicated to building structures. The entire development is unique and serene, it being away from the main Alexandra Road and yet just a mere 5 minutes drive to our famed Orchard shopping belt via Alexandra Road to River Valley Road; or via Jervois Road connecting to either River Valley Road or Tanglin Road. For
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