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SG Strong bidding interest for Upper Serangoon View sites

Property Here - Friday, November 29, 2013

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The tender for two residential sites in Upper Serangoon View (pictured) closed on Thursday, with both plots attracting eight bids and top bids of more than S$200 million each. 

Launched for sale on 30 September and offered on 99-year leases, Parcels A and B have land areas of 165,140 sq ft and 128,663 sq ft respectively.

Kingsford Development submitted the highest bids for both sites at S$258.8 million for Parcel A and S$201.63 million for Parcel B. 

This was followed by bids from EL Development for Parcel A and Maxdin and SingHaiyi Residences for Parcel B, at S$223.1 million and S$178.89 million respectively.

“The eight bids submitted for each of the two sites demonstrate developers’ continued interest for residential sites. The top bid of S$522 psf per plot for both sites reflects an average 14 percent differential between the first and the second bid for Parcels A and B,” noted Joseph Tan, Executive Director, Residential, CBRE.

“This is not surprising given that the top bidder is a fairly new entrant who wants to compete with mainstream developers to shore up their landbank,” he added.

Kingsford Development is currently developing the 512-unit Hillview Peak condominium in the Hillview area.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, said: “The estimated breakeven cost for the proposed developments on both sites could range from S$860 to S$920 psf and the selling price could start from S$1,000 per sq ft.”