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SG $1.43 billion top bid for Yishun site

Property Here - Friday, September 06, 2013

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A mixed commercial and residential site (pictured) at Yishun Avenue 2/Yishun Central 1 drew five bids when its tender closed yesterday, attracting an eye-popping top bid of S$1.43 billion.

Launched for sale by HDB on 28 June, the land parcel has an area of 41,084.9 sq m and maximum gross floor area (GFA) of 123,254.7 sq m, with a plot ratio of 3.0.

The top bid was submitted by Frasers Centrepoint. This was followed by an offer from Far East Civil Engineering, Far East Orchard and Sekisui House at S$969.3 million.

The lowest bid of S$704.5 million came from Yorkshire Investments and Yorkshire Trustee, units of CapitaLand.

Desmond Sim, Associate Director, CBRE Research said: “Frasers’ top bid, about 50 percent more than the second bid, is probably intended to reinforce its stronghold of shopping centres in the area, namely Northpoint and Causeway Point.”

“The site’s integration with Yishun MRT station and bus interchange in future makes it a new focal point for Yishun,” he added.

Offered on a 99-year lease, the site could also generate about 890 housing units.

A decision on the award of the tender will be made after the bids have been evaluated. 



Romesh Navaratnarajah
, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg