Seven bids for Little India site; YK Land tops at $35.3 mil
Various other bids originated from RPC One (a unit of OKP Holdings) at $646 psf ppr, Mezzo Properties at $446 psf ppr, and Haus @ Central at $447 psf ppr. The bottom two propositions came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The tender for a set of 18 preserved terraced homes in Little India shut off on July 28, inviting seven bids. The leading proposal emerged from YK Land, which sent an offer of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
URA had launched the tender for the site on March 5. It comprises 18 two-storey preserved terraced residences that remain on identical rows along Veersamy Road and Chitty Road. Initially constructed in 1927 as municipal quarters for public servant, the homes are connected by a back lane.
The fairly broad spread between the two bids suggests that developers may have taken on varying assumptions relating to the spot’s redevelopment potential and ultimate end product, claims Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
Collectively, they occupy a 99-year leasehold site extending about 36,673 sq ft that is zoned for housing usage. The Jalan Besar MRT Terminal is a brief walk away.
The effective tenderer will be required to restore the properties, which could be adapted for residential or long-stay serviced apartment usage in accordance with URA’s conservation standards. The site can suit 18 strata landed homes or 36 long-stay serviced flats, based on URA’s estimates.
Springleaf Residence Guocoland & Hong Leong Group
He includes: “Given the flexibility to create either Serviced Apartments II or, with previous composed approval, strata landed houses, bidders were likely to have actually arrived at different land valuations based on their recommended development strategy, reconstruction charges and target audience.”
YK Land’s offer for the site was 48.1% greater than the second-highest quote, which originated from construction business Conint and SEEDoE Ventures, a branch of real estate developer Kimen Group. The partners sent a bid of $28.83 million or $650 psf ppr.
