Seven bids for Little India site; YK Land tops at $35.3 mil
The unusually wide bid spread signals differing assumptions about restoration costs and whether the site should become 18 strata landed homes or 36 long-stay serviced apartments.
YK Land submitted the top bid of $35.29 million, or $962 psf ppr, for 18 conserved Little India terraced houses, 48.1% above the second-highest offer.
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The tender for a cluster of 18 conserved terraced houses in Little India closed on July 28, drawing seven bids. The top bid came from YK Land, which submitted an offer of $35.29 million, or $962 psf per plot ratio (psf ppr), according to a URA release.
Bids received for URA site at Chitty Road and Veerasamy Road
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Source: URA
YK Land’s bid for the site was 48.1% more than the second-highest bid, which came from construction company Conint and SEEDoE Ventures, an affiliate of property developer Kimen Group. The partners submitted a bid of $28.83 million or $650 psf ppr.
The relatively wide spread between the two bids suggests that developers may have adopted differing assumptions regarding the site's redevelopment potential and eventual end product, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
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He adds: “Given the flexibility to develop either Serviced Apartments II or, with prior written approval, strata landed houses, bidders were likely to have arrived at different land valuations based on their preferred development strategy, restoration costs and target market.”
Other bids 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 two bids came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
URA had launched the tender for the site on March 5. It comprises 18 two-storey conserved terraced houses which sit on parallel rows along Veersamy Road and Chitty Road. Originally built in 1927 as municipal quarters for government employees, the houses are linked by a back lane.
Together, they occupy a 99-year leasehold site spanning about 36,673 sq ft that is zoned for residential use. The Jalan Besar MRT Station is a short walk away.
The successful tenderer will be required to restore the buildings, which can be adapted for residential or long-stay serviced apartment use in accordance with URA’s conservation guidelines. The site can accommodate 18 strata landed houses or 36 long-stay serviced apartments, based on URA’s estimates.
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