UOL Group and Singapore Land are planning to develop a low-rise condominium project with a resort ambience and some strata terrace houses on a plot fronting Bedok Reservoir Park.
The partnership offered the highest bid of S$320 million, or approximately S$465 psf of potential gross floor area (GFA) for the 99-year leasehold site. This was 2.6 percent higher than the next highest bid by a partnership between Far East Organization, Frasers Centrepoint and Sekisui House.
The Bedok Reservoir site also has a five-storey maximum height and slopes down from the Bedok Reservoir Park. Thus, some units in the new development will not offer reservoir views.
Liam Wee Sin, President (Property) of UOL Group, said, “When we looked at this site, we saw an opportunity to create fresh options for home buyers who would like a development themed on the natural environment.”
The site’s other attraction is its proximity to the upcoming Bedok Town Park MRT Station, under the Downtown Line.
The UOL Group-Singapore Land tie-up will break even at around S$800 to S$850 psf, said analysts, adding that it could be eyeing a selling price of approximately S$1,000 psf.
“We hope to launch the project this year but we need to figure out the mix of units, for example, how many strata terrace houses to include,” said Mr. Liam.