Property News · July 11, 2017

Chip Eng Seng unit submits $700.7m top bid for Woodleigh Lane site


Aerial view of the plum site at Woodleigh Lane. Image source: URA
A plum residential site at Woodleigh Lane just next to Woodleigh MRT station attracted 15 bids at the close of its tender exercise on Tuesday (11 July), said the Urban Redevelopment Authority (URA).
CEL Unique Development, a unit of Chip Eng Seng Corporation, submitted the top bid of $700.7 million for the 99-year leasehold site. This works out to $1,110 psf per plot ratio.
The next highest bid of $695 million came from Corson and Wingjoy Investment, followed by a $688.1 million offer from Verwood Holdings and Logan Property.
Analysts had predicted stiff competition for the 1.9ha site due to its location near an MRT station and given recent aggressive land bidding behaviour.
Launched for sale on 30 May under the confirmed list of the first half 2017 Government Land Sales programme, the site could yield approximately 735 units.
The land parcel is located adjacent to Bidadari New Town and is also near NEX shopping mall and various schools including St Andrew’s Secondary School, Maris Stella High School and Stamford American International School.
A decision on the award of the tender will be made after the bids have been evaluated, said the URA.
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
Read more…Chip Eng Seng unit submits 0.7m top bid for Woodleigh Lane site

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