Aerial view of the plum site at Woodleigh Lane. Image source: URA
UPDATED: A plum residential site at Woodleigh Lane just next to Woodleigh MRT station attracted 15 bids at the close of its tender exercise on Tuesday (11 July), said the Urban Redevelopment Authority (URA).
CEL Unique Development, a unit of Chip Eng Seng Corporation, submitted the top bid of $700.7 million for the 99-year leasehold site. This works out to $1,110 psf per plot ratio.
The next highest bid of $695 million came from Corson and Wingjoy Investment, followed by a $688.1 million offer from Verwood Holdings and Logan Property.
Analysts had predicted stiff competition for the 1.9ha site due to its location near an MRT station and given recent aggressive land bidding behaviour.
“About half of the bids were above expectations with the top four bids within a tight 3.6 percent margin,” said Ong Teck Hui, National Director, Research & Consultancy at JLL. “The break-even is estimated to be close to $1,600 psf, suggesting that units are likely to be priced optimistically when they are launched.”
Launched for sale on 30 May under the confirmed list of the first half 2017 Government Land Sales programme, the site could yield approximately 735 units.
The land parcel is located adjacent to Bidadari New Town and is also close to NEX shopping mall and various schools including St Andrew’s Secondary School, Maris Stella High School and Stamford American International School.
Desmond Sim, Head, CBRE Research, Singapore and South East Asia, noted that this is the second plot within the upcoming Bidadari precinct to have closed this year, after a mixed-use site in the area was awarded last month.
“Supported by existing amenities and located right on a transport node, this site also bodes well for the unfolding of the Bidadari growth story as an upcoming private and public residential address,” he said.
A decision on the award of the tender will be made after the bids have been evaluated, said the URA.