Ang Mo Kio GLS sold for $381.4 million

The Urban Redevelopment Authority (URA) has awarded the tender for a private housing site in Ang Mo Kio Avenue 1 to United Venture Development (2021) for $381.4 million, or $12,031 per sq m of gross floor area.

United Venture Development (2021) is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong Company. It had submitted the highest bid in the tender for the site, said URA on Wednesday (June 2).

Sitting on a plot area of 12,679.4sq m opposite Bishan-Ang Mo Kio Park, the land parcel was offered for sale on a 99-year lease term.

It was up for tender from Nov 26, 2020, to May 25, 2021, and drew 15 bids, including offers from Far East Organization, Sino Group and Sekisui House.

The winning bid was 6.3 per cent higher than the second-highest bid of $358.89 million from Titus Residential SG, a tie-up between City Developments and MCL Land.

The tender for the site was conducted by the Urban Redevelopment Authority.

Noting the number of bids, Huttons Asia director of research Lee Sze Teck said: “It appears that competition for land is stiff and developers are forced to bid more than $1,000 psf ppr to stand a chance of securing land for development. The level of bidding among developers showed their confidence, and any restriction induced by the pandemic is temporary.”

Also closing yesterday was the tender for the maiden executive condominium (EC) housing site in Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.

ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions that are completely lifted 10 years after the project has been completed.

The highest offer of $400.32 million, or $603.17 psf ppr, was from a tie-up between CDL and MCL Land. It was a tad higher than the nearly $400.2 million, or $602.99 psf ppr, from the second-highest bid, from CSC Land Group (Singapore).

The top bid marks a record land rate for an EC site under the Government Land Sales programme, noted PropNex head of research and content Wong Siew Ying. The previous high was $583 psf ppr garnered by the Sumang Walk EC site awarded in March 2018.

“As this is the first EC site in the new Tengah estate, the successful tenderer could gain a first-mover advantage when it enters the market,” she said.

The tender for the Tengah EC site was conducted by the Housing Board.

A decision on the award of the tenders will be announced at a later date.

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