UPDATED: The tender for the two residential sites at Fernvale Road has closed, the Urban Redevelopment Authority (URA) said today.
Parcel A received four bids with CEL Development and Unique Residence jointly submitting the highest bid of $234.9 million.
The same pair of developers also submitted the highest bid for Parcel B of $252.1 million.
Christine Li, Head of Research & Consultancy at OrangeTee, said, “Parcel B attracted a higher price due to its location advantage. Another developer which tendered for both pieces but provided lower prices is Sim Lian Land. The result suggested for this GLS exercise, the introduced batched tender system did not prevent market players from bidding both plots at the same time. Nevertheless, the land prices seem to have been reined in as a result.”
According to Li, CEL has a low land bank at the moment. Previously, it obtained the sites at Yishun Ring Road and Yishun Avenue 9 in early 2013, and Nine Residences at Yishun Ring Road has since been launched.
Offered on a 99-year lease and located near Thanggam LRT station, Parcel A and B are 49,812 sq m and 52,242 sq m respectively.
The land parcels are close to shops and eateries at the Jalan Kayu Identity Node, and amenities at Sengkang Town Centre and the upcoming Seletar Mall.
Families with school-going children living at the future developments will also benefit from many schools located nearby.
The two sites were launched for public tender on 26 June 2014.
“A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date,” URA said in a statement.
Image source: URA
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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