{"id":56678,"date":"2017-06-02T10:08:10","date_gmt":"2017-06-02T03:08:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-8-million-top-bid-for-lorong-1-realty-park-site\/"},"modified":"2017-06-02T10:09:50","modified_gmt":"2017-06-02T03:09:50","slug":"75-8-million-top-bid-for-lorong-1-realty-park-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-8-million-top-bid-for-lorong-1-realty-park-site\/","title":{"rendered":"$75.8 million top bid for Lorong 1 Realty Park site"},"content":{"rendered":"


\nAerial view of the site at Lorong 1 Realty Park in Hougang. (Photo: URA)
\nThe tender for a rare landed property site at Lorong 1 Realty Park in Hougang closed on Thursday (1 June) after attracting 11 bids, revealed the Urban Redevelopment Authority (URA).
\nChina-based developers Fantasia Investment (Singapore), Sun Renwang and Yang Xinping submitted the top bid of $75.8 million for the approximately 144,221 sq ft site. This works out to a land price of about $526 psf.
\nThe second-highest bid of $62 million ($430 psf) came from Singhaiyi Investments and Haiyi Wealth, followed by EL Development with $60.1 million ($417 psf).
\nThe 99-year leasehold plot was launched for sale on 20 April via the confirmed list of the first half 2017 Government Land Sales programme. It is expected to yield an estimated 50 landed homes.
\nSeveral shopping malls including Heartland Mall and Hougang Mall are located within the area, while the nearest MRT station is the Hougang station on the North-East Line.\u00a0
\nOng Teck Hui, National Director, Research & Consultancy at JLL, noted that tender participation for the site was not particularly keen, with most of the bids on the conservative side.
\n\u201cOnly the top bidder demonstrated stronger optimism in the tender, with a 22.2 percent higher bid than the second, suggesting the likelihood of pricing the units more optimistically when launched,\u201d he said.
\nBut he pointed out that the site poses some challenges due to its location along \u201cbusy and noisy Hougang Avenue 2\u2033.
\n\u201cThis will not be appealing to many buyers so demand may be more hesitant, and this would be reflected in less optimistic sale prices. This would probably account for the moderate bidding of the second-highest bidder at $430 psf and downwards.\u201d
\nA decision on the award of the tender will be made after the bids have been evaluated, said the 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….8 million top bid for Lorong 1 Realty Park site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aerial view of the site at Lorong 1 Realty Park in Hougang. (Photo: URA) The...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-56678","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-eKa","jetpack-related-posts":[{"id":57030,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lorong-1-realty-park-site-awarded\/","url_meta":{"origin":56678,"position":0},"title":"Lorong 1 Realty Park site awarded","date":"June 6, 2017","format":false,"excerpt":"\r \u00a0 A 144,221 sq ft residential site at Lorong 1 Realty Park has been awarded to Fantasia Investment (Singapore) Pte Ltd, Sun Renwang and Yang Xinping, after the developers submitted the highest bid of S$75.8 million, revealed the Urban Redevelopment Authority on Monday (5 June). The tender for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-2-housing-sites-for-sale\/","url_meta":{"origin":56678,"position":1},"title":"URA launches 2 housing sites for sale","date":"April 21, 2017","format":false,"excerpt":"\r Two housing sites at Stirling Road and Lorong 1 Realty Park were launched for sale by public tender by the Urban Redevelopment Authority (URA) on Thursday (21 April). Offered on a 99-year leasehold tenure, both sites can potentially yield about 1,160 units. The 21,109.5 sq m plot at Stirling\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52924,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-submits-top-bid-for-tampines-site\/","url_meta":{"origin":56678,"position":2},"title":"CDL unit submits top bid for Tampines site","date":"April 26, 2017","format":false,"excerpt":"\r The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA The 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":98966,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/le-arc-apartment-up-for-collective-sale-at-20m\/","url_meta":{"origin":56678,"position":3},"title":"Le Arc Apartment up for collective sale at $20m","date":"October 2, 2018","format":false,"excerpt":"\r The asking price for the freehold property in Geylang works out to a land rate of about $915.59 psf ppr. (Photo: ERA Realty) Le Arc Apartment, a 12-unit residential development at 6, Lorong 26 Geylang has been put up for collective sale, with the owners expecting offers of between\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38064,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/3-new-ecs-to-watch-for-in-2017\/","url_meta":{"origin":56678,"position":4},"title":"3 new ECs to watch for in 2017","date":"December 14, 2016","format":false,"excerpt":"\r 2017 will be a quieter year for EC projects. (Photo: Christopher Chitty) Only three new executive condominiums (ECs) are targeted to launch next year, down from five projects in 2016. 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Including ECs, there were 768 units sold. There were\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56678"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=56678"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56678\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=56678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=56678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=56678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}