Seven bids for Little India site; YK Land tops at $35.3 mil
The reasonably broad spread among the two offers suggests that developers might 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.
YK Land’s bid for the site was 48.1% greater than the second-highest proposal, that originated from construction firm Conint and SEEDoE Ventures, an associate of property developer Kimen Group. The partners submitted a proposal of $28.83 million or $650 psf ppr.
Together, they inhabit a 99-year leasehold site spanning regarding 36,673 sq ft that is zoned for housing use. The Jalan Besar MRT Station is a short stroll away.
He adds: “Given the adaptability to establish either Serviced Apartments II or, with previous written approval, strata landed homes, bidders were likely to have reached various land valuations based on their preferred development strategy, repair expenses and target audience.”
The tender for a cluster of 18 preserved terraced homes in Little India shut off on July 28, drawing 7 proposals. The leading proposal flowed YK Land, which sent an offer of $35.29 million, or $962 psf per plot ratio (psf ppr), according to a URA release.
URA had started the tender for the site on March 5. It consists of 18 two-storey preserved terraced homes which sit on identical rows along Veersamy Road and Chitty Road. Originally integrated in 1927 as community quarters for public servant, the homes are connected 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 offers originated from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The effective tenderer will be needed to restore the buildings, which can be adjusted for residential or long-stay serviced apartment usage in accordance with URA’s conservation guidelines. The site can accommodate 18 strata landed residences or 36 long-stay serviced apartments, based on URA’s estimates.
