A 99-year leasehold residential site at Clementi Avenue 1 has attracted six bids after its tender closed yesterday, revealed the Urban Redevelopment Authority (URA).
Launched for sale on 23 October under the second half 2015 Government Land Sales (GLS) Programme, the site is expected to yield 460 housing units.
A consortium comprising Singland Homes and UOL Venture Investments submitted the highest bid of $302.1 million ($6,620 psm), followed by Oxley-Lian Beng Ventures with an offer of $276.201 million.
The 140,339 sq ft site has a maximum permissible gross floor area of 491,190 sq ft, and is within proximity to the National University of Singapore (NUS), Clementi Sports Hall and Jurong Lake District, which is just one station away from Clementi MRT station.
Desmond Sim, Head of CBRE Research, Singapore and South East Asia, said the number of bids reflect the need for developers to shore up their land bank.
“It is encouraging to see that the Singapore residential market is still a key business focus for developers. The bidders are taking a long-term view of the Singapore residential market,” he noted.
The URA said a decision on the award of the tender will be made after the bids have been evaluated.
Image (by URA): Aerial view of the Clementi Avenue 1 site.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
