Seven bids for Little India site; YK Land tops at $35.3 mil
Together, they occupy a 99-year leasehold site covering concerning 36,673 sq ft that is zoned for residential usage. The Jalan Besar MRT Terminal is a quick walk away.
The tender for a set of 18 preserved terraced residences in Little India finalized on July 28, inviting seven offers. The top bid came from YK Land, that submitted an offer of $35.29 million, or $962 psf per plot ratio (psf ppr), according to a URA release.
He adds: “Given the adaptability to develop either Serviced Apartments II or, with prior written approval, strata landed houses, prospective buyers were likely to have actually reached different land evaluations based upon their recommended development strategy, reconstruction expenses and target audience.”
The relatively vast spread among the two proposals suggests that developers might have embraced varying assumptions relating to the site’s redevelopment possibility and ultimate final product, states Mohan Sandrasegeran, head of study and information analytics at Singapore Realtors Inc.
The effective tenderer will be needed to restore the structures, that can be adapted for residential or long-stay serviced apartment usage in accordance with URA’s conservation guidelines. The site can fit 18 strata landed residences or 36 long-stay serviced residences, based upon URA’s price quotes.
YK Land’s offer for the area was 48.1% greater than the second-highest quote, that originated from construction business Conint and SEEDoE Ventures, an associate of property developer Kimen Group. The partners submitted a quote of $28.83 million or $650 psf ppr.
URA had launched the tender for the site on March 5. It makes up 18 two-storey preserved terraced residences which sit on parallel rows along Veersamy Road and Chitty Road. Initially integrated in 1927 as municipal quarters for government employees, the homes are attached by a back lane.
Other quotes came from RPC One (a unit of OKP Holdings) at $646 psf ppr, Mezzo Properties at $446 psf ppr, and Haus @ Central at $447 psf ppr. The bottom 2 propositions came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
