Siglap Road Condo site next to Victoria School

Siglap Road Condo site next to Victoria School

Siglap Road Condo - Location Map
Siglap Road Condo – Location Map

On 26 Nov 2015, tender was triggered for a government land sale (GLS) site at Siglap Road next to Victoria School and opposite Mandarin Gardens. The tender will close on 14 Jan 2016. This Siglap Road land parcel is part of the GLS in 2nd half of 2015.

The 99-year leasehold private residential land parcel of 207,848 square feet in size can yield an estimated 750 new launch  residential units. It has a 3.5 gross plot ratio and a maximum permissible gross floor area of 727,467 square feet.

 

Siglap Road Condo - New Launch - Aerial View
Siglap Road Condo – Aerial Image (Credits: ura)

Analysts predict that competition will be good considering the attractive location this plot sits on. It is not just next to Victoria School, it is also within the vicinity of Victoria Junior College, CHIJ Katong Convent, Ngee Ann Primary School, Tao Nan Primary School, Global Indian International School, Rosemount International School / Kindergarten and Sekolah Indonesia Singapura. Transport wise, the condo site is just a short stroll to the upcoming Siglap MRT station (Thomson-East Coast Line TEL). In addition, there is the beautiful expanse of the East Coast sea literally at the doorstep of this Siglap Road condo site.

Property analysts have differing views regarding the upcoming top offer. In Today Online dated 27 Nov 2015, Dr Lee Nai Jia, regional head of Southeast Asia research at property consultancy DTZ estimated that at least 6 to 8 bids will be received and the top bid may range from $574 million to $654 million, or S$790 to S$850 per square foot per plot ratio (psf ppr).

On the other hand, Mr Nicholas Mak, executive director at SLP International Property Consultants projected that this site could attract about 7 to 15 bids given the site’s attractive attribute with it fronting the unblocked East Coast sea. It is indeed rare to get a GLS residential site in the East Coast area in the first place. The top bid, he said, could be in the range of $600 million to $635 million, or S$825 to S$873 psf ppr. Mr Mak pointed out that as the site area is rather large, the bids would likely come from big property developers and consortium.

 

Siglap Road Tender Sale Price On 14 Jan 2016

Tender for Siglap Road land parcel closed on 14 Jan 2016 with a total of 8 bidders for this rare GLS site in East Coast. Consortium FCL Topaz Pte Ltd, KH Capital Pte Ltd, and Sekisui House Ltd came out tops by submitting a bid of $624,180,000. With a maximum permissible Gross Floor Area (GFA) of 67,584 sqm, this works out to $9,235.62 per square metre per plot ratio (psm ppr) / $858.01 per square foot per plot ratio (psf ppr).

The top bid at $858.01 psf ppr is 3.85% higher than the 2nd bid, 6.6% higher than the 3rd bid and 6.7% higher than the 4th bid. Allgreen submitted the lowest offer at $655.69 psf ppr which is 23.58% away from FCL’s top bid. 8 bidders contesting for this piece of land is a healthy figure. This reflects Singapore property developers’ desire to shore up their land bank; and coupled with the fact that this place has some pretty neat and unique selling points. There is the upcoming Thomson-East Coast Line (TEL) Siglap MRT station, good educational institutions in the vicinity and the X-factor at its doorstep which is the unblocked East Coast sea!

This Siglap Road land parcel is set to be one of the New Condo Launch Projects in 2017.  A lot of enquiries have been steadily streaming in indicating their interest to buy this Singapore condo.  Be sure to indicate your interest too via our contact form found on this page.

 

Area of Site: 19,309.6 sqm
Maximum Permissible GFA: 67,584 sqm
Tenure: 99 years leasehold
Launch Date: 26 Nov 2015
Date Tender closed: 14 Jan 2016

Rank Name of Bidder Sale Price Tendered ($) Sale Price Tendered in $psm / $psf of GFA
1 FCL Topaz Pte Ltd,
KH Capital Pte Ltd, and
Sekisui House Ltd
624,180,000 $9,235.62 psm ppr / $858.01 psf ppr
2 Intrepid Investments Pte Ltd,
TID Residential Pte Ltd, and
Verwood Holdings Pte Ltd
600,122,000 $8,879.65 psm ppr / $824.94 psf ppr
3 First Bedok Land Pte Ltd 582,938,000 $8,625.38 psm ppr / $801.32 psf ppr
4 UOL Venture Investments Pte Ltd,
Kheng Leong Company (Private) Limited, and
Singland Homes Pte Ltd
582,300,000 $8,615.94 psm ppr / $800.44 psf ppr
5 Hoi Hup Realty Pte Ltd and
Sunway Developments Pte Ltd
571,070,000 $8,449.78 psm ppr / $785.00 psf ppr
6 Sim Lian Development Pte Ltd and
Sim Lian Land Pte Ltd
539,000,000 $7,975.26 psm ppr / $740.92 psf ppr
7 MCC Land (Singapore) Pte Ltd 503,161,800 $7,444.98 psm ppr / $691.66 psf ppr
8 Allgreen Properties Limited 477,000,800 $7,057.88 psm ppr / $655.69 psf ppr

 

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