The tender for Singapore’s coveted Fernvale Road site has been won.
The bidding war over a land parcel, one of four up for grabs in Singapore under its Government Land Sales program in H2, came to a close today with Sing Development and Wee Hur Development narrowly beating the competition. The companies jointly edged out competitors with an insurmountable bid of SGD287.1 million (USD211.27 million), translating to SGD517.03 (USD380.48) per square foot per plot ratio, The Business Times reported, citing provisional tender results released by the Urban Redevelopment Authority.
Sing Development and Wee Hur Development’s bid exceeds earlier projections for the site along Fernvale Road, which ranged from SGD244 million (USD181 million) to SGD272 million (USD202 million).
China Construction (South Pacific) Development Co almost clobbered the competition with a runner-up bid of SGD287.09 million (USD211.26 million) or SGD517.00 (USD380.47) per sq ft per parcel.
The number of bidders also overshot previous expectations, with 14 property developers participating. Bidders included Allgreen Properties, Chip Eng Seng Corp, Hong Leong Holdings (with City Developments and TID Residential), MCL Land, Nanshan Group Singapore, Qingjian Realty, Sim Lian Land, and Singhaiyi Investments.
Kingsford Property Development placed the lowest bid at SGD223.23 million (USD164.26 million), which translates to SGD402 (USD295.84) per sq ft per parcel.
The parcel covers 17,196 square metres in a strategic area near the Thanggam LRT station, Sengkang Riverside Park, and The Seletar Mall, according to a report by Straits Times. The tract of land could yield about 605 private units.