Seven bids for Little India site; YK Land tops at $35.3 mil
Together, they occupy a 99-year leasehold site extending regarding 36,673 sq ft that is zoned for non commercial usage. The Jalan Besar MRT Station is a quick step away.
The fairly wide spread amongst both offers suggests that developers might have taken on varying assumptions relating to the site’s redevelopment capacity and possible final result, claims Mohan Sandrasegeran, head of research study and information analytics at Singapore Realtors Inc.
He adds: “Given the versatility to create either Serviced Apartments II or, with prior written authorization, strata landed homes, prospective buyers were most likely to have arrived at various land valuations based upon their favored property development strategy, reconstruction expenses and target market.”
The tender for a set of 18 preserved terraced houses in Little India closed on July 28, attracting seven offers. The leading proposal flowed YK Land, that submitted a deal of $35.29 million, or $962 psf per story ratio (psf ppr), according to a URA release.
Other bids came 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 2 propositions came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The successful tenderer is going to be needed to restore the structures, that could be adapted for residential or long-stay serviced apartment usage in accordance with URA’s conservation guidelines. The site can fit 18 strata landed houses or 36 long-stay serviced residences, based on URA’s price quotes.
Lentor Gardens Residences condominium
YK Land’s bid for the site was 48.1% more than the second-highest bid, which originated from construction firm Conint and SEEDoE Ventures, a branch of real estate developer Kimen Group. The companions submitted a quote of $28.83 million or $650 psf ppr.
URA had released the tender for the site on March 5. It makes up 18 two-storey preserved terraced residences that remain on parallel rows along Veersamy Road and Chitty Road. Initially built in 1927 as municipal quarters for civil servant, the homes are connected by a back lane.
