Latest update: A unique landed property site is for tender, located at Lorong 1 Realty Park in Hougang and transaction closed on Thursday, June 01, right after undergoing 11 bids, shared by Urban Redevelopment Authority (URA).
The top bidders for this property are Fantasia Investment (Singapore), a developer base in China,Yang Xinping and Sun Renwang. The bid reached as high as $75.8 million for the roughly 144,221 sq ft area. This works out to a property price close to $526 psf.
The second highest bidders are Haiyi Wealth and Singhaiyi Investment, with a bid of of $62 million ($430 psf) and which is followed by another bid of $60.1 million ($417 psf) rendered by EL Development.
The 99-year leasehold plot was introduced to the market as for sale on April 20 through a verified list of the first half of 2017 Government Land Sales scheme. It is anticipated to provide approximately 50 landed homes.
An arrays of shopping malls such as the Hougang Mall and Heartland Malls can be found within the vicinity and also the Hougang station which is the nearest station which lies in the North-East Line.
Ong Teck Hui, the Research, Consultancy and National Director at JLL, stressed that tender involvement for the area was not a smart moved, having most bids on the conventional side.
He shared, “Only the top bidder demonstrated stronger optimism in the tender, with a 22.2 percent higher bid than the second, suggesting the likelihood of pricing the units more optimistically when launched,”
He reiterated, that the area created some provocations because of its position, near to the ” hustle and bustle Hougang Avenue 2.”
The URA explained, “This will not be appealing to many buyers so demand may be more hesitant, and this would be reflected in less optimistic sale prices. This would probably account for the moderate bidding of the second-highest bidder at $430 psf and downwards.”
The decision on granting the tender will take place following the bids verification, URA explained.
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