{"id":52924,"date":"2017-04-26T05:15:53","date_gmt":"2017-04-25T22:15:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-submits-top-bid-for-tampines-site\/"},"modified":"2017-04-26T05:43:55","modified_gmt":"2017-04-25T22:43:55","slug":"cdl-unit-submits-top-bid-for-tampines-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-submits-top-bid-for-tampines-site\/","title":{"rendered":"CDL unit submits top bid for Tampines site"},"content":{"rendered":"


\nThe top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA
\nThe tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority (URA).
\nBellevue Properties, a unit of City Developments Limited (CDL), submitted the top bid of $370.1 million for the 99-year leasehold site. This translates to about $565 psf per plot ratio (psf\/pr).
\nChinese developers Kingsford Development and Qingjian Realty were the next two highest bidders at $350 million and $345 million, respectively.
\nA spokesperson for CDL said that its bid for the site topped the tightly contested tender by a 5.7 percent margin over the second highest bid.
\nLaunched for sale on 14 March under the confirmed list of the first half 2017 Government Land Sales Programme, the site could yield about 715 homes.
\nIt is sandwiched between two condominium projects, The Santorini and The Alps Residences. The nearest MRT station is the upcoming Tampines West station along the Downtown Line.
\nNearby amenities include Courts Megastore, Giant Hypermarket and IKEA Tampines. There are also various schools within the vicinity, including United World College of South East Asia (East Campus) and Temasek Polytechnic.
\n\u201cAlthough nine bidders is a good turnout, it is less than expected and this could possibly be due to bidders being drawn to the Stirling Road site as well as the Lorong 1 Realty Park parcel, which are more attractive sites,\u201d said Ong Teck Hui, National Director, Research & Consultancy at JLL.
\nDespite this, he noted that the top bid is 17 percent higher than the $483 psf\/pr paid for the The Alps Residences site in April 2015, and is almost similar to The Santorini\u2019s land price of $562 psf\/pr, awarded in July 2013 before the effects of the Total Debt Servicing Ratio were felt.
\n\u201cThis shows that the outlook of the top bidder is for prices to at least remain stable or turn upwards when the project is launched. The average selling price of nearby projects such as The Santorini and The Alps Residences is $1,070 to $1,090 psf,\u201d revealed Ong.
\nSaid CDL\u2019s spokesperson: \u201cIn the event that we are awarded the site, CDL will explore a condominium development of about 15 storeys with about 800 units. All units are expected to enjoy a North-South orientation and the development will also include a childcare centre on site.\u201d
\nA decision on the award of the tender will be made after the bids have been evaluated, said the URA.
\nSource: URA
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL unit submits top bid for Tampines site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The top bid of $370.1 million for the 99-year leasehold site works out to about...<\/p>\n","protected":false},"author":1,"featured_media":52925,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-52924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dLC","jetpack-related-posts":[{"id":53665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-awarded-tampines-condo-site\/","url_meta":{"origin":52924,"position":0},"title":"CDL awarded Tampines condo site","date":"May 4, 2017","format":false,"excerpt":"\r The 99-year leasehold site is located close to the future Tampines West MRT station. Image source: URA Bellevue Properties, a unit of City Developments Limited (CDL), beat eight other bidders to win the tender for a residential site at Tampines Avenue 10 (Parcel C), the Urban Redevelopment Authority said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/05\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121034,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-plots-at-lentor-central-tampines-street-62-receive-nine-bids-each\/","url_meta":{"origin":52924,"position":1},"title":"Land plots at Lentor Central, Tampines Street 62 receive nine bids each","date":"July 23, 2021","format":false,"excerpt":"\r Land plots at Lentor Central, Tampines Street 62 receive nine bids eachA unit of Guocoland submitted the highest bid for the Lentor Central site at $784 million, which works out to a land rate of $1,204.47 psf ppr, while\u00a0a joint venture between Qingjian Realty and Santarli Construction submitted the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/lentor-site-gls-h12021-crop.png?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":83729,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/315-units-at-the-tapestry-sold-strong-turnout-at-park-place-residences-preview\/","url_meta":{"origin":52924,"position":2},"title":"315 units at The Tapestry sold, strong turnout at Park Place Residences preview","date":"March 26, 2018","format":false,"excerpt":"\r Launch crowd at The Tapestry showflat. (Photo: CDL) Two private condominium showflats opened their doors to property seekers over the weekend, attracting keen interest amid the improved market sentiment. The Tapestry by City Developments Limited (CDL) commenced sales on Saturday (24 Mar), while Phase 2 of Lendlease\u2019s Park Place\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48113,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-residential-site-in-tampines\/","url_meta":{"origin":52924,"position":3},"title":"URA launches residential site in Tampines","date":"March 15, 2017","format":false,"excerpt":"\r Location map of the site at Tampines Avenue 10. Source: URA A 99-year leasehold residential site at Tampines Avenue 10 (Parcel C) has been put up for sale by public tender, said the Urban Redevelopment Authority (URA) on Tuesday (14 March). The 2.17ha site is located between two upcoming\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/03\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121250,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-awards-tampines-ec-site-for-422mil\/","url_meta":{"origin":52924,"position":4},"title":"HDB awards Tampines EC site for $422mil","date":"August 4, 2021","format":false,"excerpt":"\r HDB awards Tampines EC site for $422milThe price works out to a land rate of $659 per sq ft per plot ratio (psf ppr), which is the highest land rate for an EC site to date. 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