CDL-MCL Land make a $445.9 million bid for Farrer Park land parcel:
Developers’ hunger for land was evident in the fierce bidding for the 1st residential government land sales (GLS) tender for year 2021, which closed on 27th April 2021. There was a total of 10 bids and an attractive bid price for the Northumberland Road GLS site. It is named Piccadilly Grand and the commercial component is called Piccadilly Galleria.
This Northumberland Road 99-year leasehold new launch condo parcel falls under the 2nd half 2020 GLS programme. After the Covid-19 pandemic lockdown began on 7 April 2020 in Singapore, this is the 2nd GLS tender to conclude.
The winning bid for this Farrer Park new condo launch was placed by City Developments (CDL) along with MCL Land through their subsidiaries, Maximus Residential SG and Maximus Commercial SG. In comparison, this is just 5.7% more than the second-highest bidder, who offered $421.9 m.
The awarded bid is $1,129 per square foot per plot ratio (psf ppr). In the vicinity, there was an earlier GLS site whose tender closed on 10 Jan 2017. It is now home to Uptown @ Farrer at Perumal Road with a bid of $1,001 psf ppr.
Uptown @ Farrer is a mixed-development that is 24-storey tall comprising 116 residential units, 7 commercial shop lots and 240 serviced apartments. The Singapore condo is developed by Low Keng Huat (Singapore) Limited. Currently, it is 91% sold with only 4 units left in the inventory at this point of writing. Through this new GLS purchase at Northumberland Road, CDL is able to have a healthy stock level.
A mixed-use building with the first storey commercial will be developed on this Farrer Park Singapore new condo site. There will be 23 storeys with 405 residential units and commercial retail shops. Additionally, the ground level will host a childcare and an infant care centre.
The site is located near Farrer Park MRT station, Mustafa Centre and City Square Mall. A short walk away is Connexion which is an integrated hotel and medical building.
Analysts estimate the project’s price at $1,900 to $2,100 per square foot (psf).
Two other sites in the Outside Core Region (OCR), namely Ang Mo Kio Ave 1 and Lentor Central in subsequent GLS tenders closed on May 25 at $1,118 psf and Jul 29 at $1,204 psf respectively. The Ang Mo Kio Ave 1 site was hotly contested by 15 bidders, with UOL Group Limited, Singapore Land Group Limited and Kheng Leong Company awarded the top bid at $381.4 million. The Lentor Central mixed-use land parcel sits next to the Lentor MRT station and was won by the highest bidder, GuocoLand at S$784.1 million amongst nine bids submitted.
With declining private housing supply in the city-fringe area and strong demand for new condo launches, Piccadilly Grand new launch condo tender might have faced robust competition in the bidding war.
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