Sengkang Site Top Bid By Sing Development-Wee Hur Development
A 99-year leasehold private residential site along Fernvale Road within Sengkang has witnessed a total of 14 bids submitted. The top bid at $287.1 million or $517.03 per square foot per plot ratio (psf ppr) was submitted by Sing Development-Wee Hur Development in a joint venture for the tender. Tender closed on 27 Sep 2016. This land parcel comes with a site area of 17,196.4 sqm / 185,102.05 sqft (approx.) and a Maximum Floor Area (GFA) of 51,590 sqm / 555,314.76 sqft (approx.).
Bids were competitive as the highest bid is only 0.005% more than the second highest bid from China Construction (South Pacific) Development Co which submitted a tender price of $287.09 million or at $517 psf ppr.
This top bid for this Fernvale Road land parcel is 17% higher than the price of a neighbouring twin plot bid by joint partnership developers Chip Eng Seng, KSH Holdings and Heeton Holdings for High Park Residences. The tender prices for the twin plots were at $438 psf ppr and $448 psf ppr which only drew 4 bids and 3 bids respectively.
The overwhelming response for the current Fernvale Road site with 14 bids shows that developers are upbeat about the area due to the success of High Park Residences which sold about 1,000 units in 2 days during its new condo launch in 2015. The optimism in bidding also points to the fact that there is only one last Government Land Sale (GLS) site at Perumal Road left for sale for 2016.
Sing Development-Wee Hur Development intends to launch this new condo project by the 4th quarter of 2017 if they are awarded the tender.
Market analysts estimates the Fernvale site to be launched at about $1,1xx psf. This new property will probably do well with a variety of good amenities in the surrounding such as the Thamggam LRT Station, Sengkang MRT Station (four stops from Thamggam LRT), Seletar Mall and Compass One mall, Greenwich Mall, Jalan Kayu identity node and its numerous eatery options.
It is estimated that there will be about 700 private residential homes in this new launch condo development which includes full condominium facilities and a childcare centre.
New Launches In The North-East
√ High Park Residences
√ Rivertrees Residences
√ Kingsford Waterbay
√ Forest Woods
√ Kallang Riverside
√ Forte Suites
√ The Terrace – Executive Condominium (EC)
√ Stars Of Kovan
√ Hilbre 28