Clementi Avenue 1 Site Award

Clementi Avenue 1 Land Parcel Award

Clementi Avenue 1 Site
Clementi Avenue 1 Site

Clementi Avenue 1 - Location Map
Clementi Avenue 1 – Location Map

The 99-year leasehold site at Clementi Avenue 1 was triggered for tender in October 2015. It is situated right next to NUS High School of Mathematics and Science and is directly opposite the Nan Hua High School. Other schools in the vicinity include Clementi Woods Secondary School, International Community School and National University of Singapore (NUS).

Vehicular access to Ayer Rajah Expressway (AYE)  and Clementi Road is convenient and residents can get to Jurong Lake District and the city easily.

There are entertainment and five retail facilities at the Jurong Lake District, which is just an MRT stop away from Clementi MRT Station. Residents will be happy to while their time away at the malls there and catch up with friends for a cuppa. They can also visit the nearby Clementi Mall, City Vibe and 321 Clementi at the Clementi Central where there are various cafes, restaurants and retail stores.

With a plot size of 13,037.8 square metre or 140,339 square feet, it has a maximum permissible gross floor area of 45,633 square metre. The new land parcel can potentially build 460 to 500 apartments.

Tender closed on 9 Dec 2015 garnering 6 bids and with UOL Venture Investments and Singland Homes submitting the top bid at $302,100,000. This works out to $615 per square foot per plot ratio (psf ppr).

 

Clementi Avenue 1 - Bid table
Clementi Avenue 1 – Bid table

Coming in second at 9% lower is Oxley-Lian Beng Venture Pte Ltd which offered $276,200,888. The offered bid by the third bidder is a close 2.8% lower than Oxley-Lian Beng. Considering the amenities and the number of tertiary educational institutions in the surrounding, this land parcel is definitely attractive to developers. Property analysts felt that there should be at least ten bidders for this land parcel but suspects that other developers are reserving their strength financially for the new Government Land Sale (GLS) programme for 1H 2016.

 

Nearby new condo launch:

√  LakeVille in Jurong Lake District

 

 

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