A few days back, restrained bidding was made for a site in Alexandra View, next to the Redhill MRT station. Around a total of 10 bidders took part in the bidding process, which was closed yesterday. Out of these bidding process, the top bid was made by Tang Skyline, which are a part of the Tang Group of companies for $376.88 million, or $851 per sqft per plot ratio (pdf ppr). IOI Consolidated (Singapore) Pte. Ltd made the lowest bid, for S$250 million or about S$6,075 psf ppr.
Artra Condo Commercial Mix Development Retail Units
The bidding was closely watched given the pullback made with the Government Land Sales Program and developers’ desire to reload their land bank. The site has been designated for private housing development with permitted commercial use on the first story. This is a mix development with retail F&B as well as commercial units on the first floor of the development. The future new site launch in Alexandra View is centrally located near to the Singapore MRT Station. It is an upcoming planned residential estate, where residents can enjoy noiseless respites at the close recreational parks at Mount Faber and Telok Blangah Hill.
Artra Redhill MRT Station Tang Skyline
“The top five bids were within a 4.8 percent margin for Artra commercial mix development, with the no-overenthusiastic bid,” said Mr. Ong Teck Hui, JLL national research director. “While the site was attractive given to its proximity to the MRT station, and commercial component on the first story, the top bid was at the lower end of expectations”, Mr. on. Added.
The bidding was just 1 per cent above the second highest bid of $373.1 million or $842 PSF per, made by a joint venture between UOL Venture Investments and England Homes. According to the Urban Redevelopment Authority, this 0.84-hectare site can be used to create around 400 private homes. This is the first definite list site for commercial and residential mix development which has been launched under the Ministry of National Development’s second half 2015 Government Land Sales Program.
Artra Alexandra View Mix Development
He also said, “Based on the developer sales data in September, there are about 177 unsold units in Alex Residences, 379 at the Crest while the 663 unit Principal garden is still in the early stages of sales marketing. But a developer can still create some smaller-sized, pleasant units, possibly matching this out with even larger units.”
This upcoming real estate project is up for sale is strategically placed near the commercial facilities such as Queensway Shopping Centre, Tiong Bahru Plaza, and IKEA Alexandra. This forthcoming Singapore property is also perfect for families with school-going children, with some schools located nearby including, Gan Eng Seng Primary and Secondary Schools and Crescent Girls’ School.