A 99-year leasehold residential site located at Ang Mo Kio Avenue 2 received a total of 12 bids when the Urban Redevelopment Authority (URA) closed its public tender yesterday.
Pinehill Investments submitted the highest offer of S$550 million for the 18,482.2 sq m site which has a maximum gross floor area (GFA) of 64,688 sq m. The top bid works out to around S$8,500 psm on the site’s GFA.
According to Joseph Tan, Executive Director for Residential at CBRE, strong interest for the site is mainly due to its location. The site is near St Nicholas Girls School, Bishan Park and the upcoming Mayflower MRT station on the Thomson Line.
Tan noted that “the top seven bids were between S$487 million and S$550 million (S$700 psf/plot ratio - S$790 psf/plot ratio). The top bid of S$550 million (S$790 psf/plot ratio) is only 2.6 percent above the next bid”.
The new development will likely be 35- to 40-storeys high comprising 680 units and there is expected to be “healthy interest in the project from upgraders in the nearby mature estates”, said Tan.
“The project will be ready for launch in six to nine months’ time. In anticipation of latent demand, the sale price is anticipated to be S$1,500 psf or more.”
A decision on the award of the tender will be made after all the bids have been evaluated
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Originally Posted by august
