Nine bid are received for the 75,851 sq ft site at Jalan Kandis in Sembawang in its public tender that was closed on April 7 as announced by the Urban Redevelopment Authority (URA). The sale was launched on February 25. Qingjian Realty’s offer is worth $50.18 million or $473 psf per plot ratio (psf ppr) which is lower than the top bid worth  51.07 million, or $481 psf ppr offered by a subsidiary of  Tuan Sing Holding.

These development has a 99-year leasehold tenure and is reasonably small but can yield about 11o perfectly elegant units. This development has units that offers a reasonable price and has a low probability of reaching the deadline according to the  ABSD and Qualifying Certificate rules to sell the units.

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“The relatively small plot size and the small number of units it will yield means that risks remain manageable. If priced competitively, the proposed development could enjoy a high rate of success.” the Head of Research (SEA) at CBRE, Desmond Sim said. In addition to these, he also stated “The palatable quantum offsets the challenges of this untested site, which is probably the reason for the strong showing by the bidders.”

The site is within close proximity to prestigious schools and renowned shopping malls, this property is going to be the only non-landed development within a 2-km radius of the site since it is mostly composed of landed developments.After an evaluation of the bids, the decision of the award of tender will be made according to the URA.

Other proeprties within close proximity are Nordcom One, Nordcom Two and Parc life.