Stirling Road New Condo

China Nanshan Group and Hong Kong Logan Property has won the top bid at stirling road with a tender of more than $1billion for the highly contested land site. Spread across more than 200000sf, the site can be expected to build more than 1000 units.

The strong interest might be due to its ideal location which is very city fringe. Future residents going to Central Business District, Sentosa, Jurong or even Bouna Vista is just a couple of minutes away. Bouna Vista has transformed past few years with numerous high growth industries around the region especially those in R&D and pharmaceuticals sectors.

History of Stirling Road Land Sales

Site at Stirling Road Land bid got fierce competition from a total of 13 Developers. The Sale start in March 2010 before being triggered for sale in April 2017.

The highest bidder goes to a consortium between Hong Kong Logan Property Group and China Nanshan Group that bid more than $1 billion for the site or $11,309.72 psm. The bid price is $300 million higher than the previous land bid at queenstown. This is also the first time that a pure residential Government Land Sales site cross $1 billion mark.

MCL come in second at a top bid of $925m or about 8.3% lower.

Stirling Road New Condo Location

New Launch Condo at Stirling Road Site

Stirling Road Land site is near to Queenstown MRT Station that connect future residents easily to most part of Singapore with its city fringe location. Nearby shopping include Ikea, Tiong Bahru Plaza, Alexandra Central, Holland Village, One North and other cafes around the region. A trip to Marina Bay Sands, Central Business District or even Sentosa should be just less than 10 minutes away.

Nearby schools include Gan Eng Seng Primary School, New Town Primary School, Bukit Merah Primary and Secondary School, Henderson Secondary and even International Schools like Global Indian International School and ISS International School which is all just nearby

About the Developer

Logan Property is listed in Hong Kong Stock Exchange in 2013 and is involved in property development, construction and also engineering design. Logan property has so far developed more than 90 projects both in China and Internationally.

Nanshan Group on the other hand is under TOP 500 Chinese Enterprise that involved in multiple business in the textile, aluminium, real estate, education, aviation and also tourism industry. Their project in real estate spread over various part of China that include Beijing, Qingdao, Hainan, Longkou etc. Their first maiden project in Singapore Thomson Impressions (TOP in 2018).

Potential of the Site

The fierce competition could reflect developers hunger for site for land bank as most of their land bank has been depleted for the pickup in sales. With the influx of foreigner developer, there could be more land sales that cross the $1 billion mark, especially for site with ideal location.

The bid was actually above analyst expectation which is between $780 to $1000psf ppr which reflect on developer confident in Singapore Property market.

Analyst expect the price to be from $1,7xx psf onwards. Most of the development nearby has been selling well or even fully sold. Alex Residences and Commonwealth Towers has since been fully sold. Alex Residences transacted at more than $2,000psf for the high floor units. Queen Peaks though still selling, but is seeing healthy sales with more than 50% sold.

Project Details

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Review of Stirling Road New Condo

Stirling Road New Condo

China Nanshan Group and Hong Kong Logan Property has won the top bid at stirling road with a tender of more than $1billion for the highly contested land site.

Product SKU: Stirling Road New Condo

Product Brand: Property Review

Product Currency: SGD

Product Price: 1880000

Product In-Stock: InStock

Editor's Rating:
5