A plot of land on Jalan Kandis at Sembawang (Kandis Residences) attracted nine bids with very strong competition. This land near Sembawang Park attracted keen competition due to affordability.
Tuan Sing Holdings (Dillenia Land) presented the highest bid of $51.1 million for the 0.7ha plot, which work out to be $481 per sq ft. This could translate to an average selling price of $1,000 psf. This was higher by 1.8% opposed to QingJian Realty who bided for $50.2million
This plot of land can yield to about 110 units, an exclusive development which holds lower risk. Both major and minor players included Malaysian Robert Kuok’s Allgreen Properties. China’s nanshan group came in third who entered into the Singapore property market, launching its first private condo project, Thomson Impressions.
Potential buyers could include upgraders from nearby estates in Sembawang, Yishun and Canberra area. These areas are matured estates where we have seen many executive condominiums; The Brownstone, Parc life and The Visionaire being launched in the past years
“Despite the fact that the site is not near transportation hubs or amenities, it is still attractive, being in an overwhelmingly landed housing estate surrounded by greenery.”
After yesterday’s tender closing that while the company has land bank in China and Perth but not in Singapore. “As a Singapore-based company, we would still like to have trading properties here and we think our bid price is reasonable,”Tuan Sing chief financial officer Chong Chou Yuen told The Straits Times.
WhatsApp us