A mixed commercial and residential site at Yishun Avenue 4 attracted a total of five bids after the tender closed on Tuesday, revealed the HDB.
Launched for sale last November, the 9,759.80 sqm site has a maximum gross floor area (GFA) of 27,327.44 sqm and plot ratio of 2.8.
The top bid of $185.09 million was submitted by Northern Resi and Northern Retail. This translates to a psm price of about $6,773 on the GFA.
KBD Ventures and Changi Properties offered the second highest bid of $181.6 million, while the lowest bid of $94.5 million came from KSH Land Development.
CBRE Research Head Desmond Sim said given the current market conditions, the price bids remained subdued.
“Bids for this Yishun site reflect some level of caution as there are private residential projects in the North yet to be launched. The bidders would have factored these considerations before determining their overall bid price,” he explained.
According to the housing board, the 99-year leasehold plot could yield 180 housing units.
A decision on the award of the tender will be made after the bids have been evaluated.
Meanwhile, the first half of 2015 will likely see nine confirmed sites launched for sale. “With that in mind, the market should see a fair number of bidders for land sales in 2015 given that the inventories of some developers are running low,” noted Sim.
Image source: HDB
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
