Residential site at Lorong 1 Realty Park nestled in Hougang drew 11 bids.
There are 11 total of developers have presented bids for a private landed housing site that has 99 years leasehold tenure situated along Lorong 1 Realty Park in Hougang.
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The highest bid for the parcel came from a association by Fantasia Investment Pte. Ltd. (Singapore), Yang Xinping and Sun Renwang at $75.8 million or approximately $525.58 psf per plot ratio, as stated by the URA (Urban Redevelopment Authority) at the end of tender on first day of June. It was $13.8 million or roughly 22 percent more than the 2nd top bid of $62 million proposed together by Haiyi Wealth and Singhaiyi Investments.
As mentioned by the the URA, this parcel has a land area of about 13, 398.6 square meters or 144, 221 square feet. This project is anticipated to house a supposed 50 landed housing units. This development would be 3-storeys high. A projected park of more or less 3,300 square meters or 35,521 square feet shall be build by the booming tenderer and will be turned over to NParks for maintenance and ownership.
Expert said the sites commerciality lies primarily on the moderately small scheme size and the deficiency of sites for landed residential properties.
Mr. Nicholas Mak the head of research and consultancy of SLP International Property Consultant stated that an important number of contractor-developers and medium-sized developers who are eager for desirable development sites have take part in this tender.
“The site’s affirmative features, like its location within a landed enclave and its nearness to the Hougang MRT Station, be of use to draw in much appeal from developers,” Mr. Mak noted.
The Hougang site was declared for sale through the official list of the GLS (Government Land Sales) Programme for the 1st half year.
