Serangoon North Ave 1 GLS

SIXTEEN bidders participated at a state tender that closed on Thursday for a 99-year leasehold private housing site along Serangoon North Avenue 1.

The top bid, from a partnership between a unit of Keppel Land and a unit of Wing Tai, was S$446.28 million, or S$964.81per square foot per plot ratio (psf ppr). The 1.72-ha site can yield an estimated 505 housing units.

The second-highest bid of S$418.7 million came from Frasers Centrepoint’s FCL Residences.

The lowest bidder, EL Development, offered S$338 million for the site.

The top bid of S$964.81 psf ppr is higher than the nearly S$835 psf ppr which an Oxley Holdings-led consortium is paying for the nearby 2.76-ha Serangoon Ville collective sale site. This unit land price is based on the S$499 million purchase price for Serangoon Ville announced on Wednesday and an estimated S$195 million that the consortium will have to pay to the state to top up the site’s lease to 99 years and for the rights to redevelop the site to 2.8 gross plot ratio.

The Oxley-led consortium was the seventh highest bidder at Thursday’s tender by the Urban Redevelopment Authority (URA) for the Serangoon North Avenue 1 site. It bid nearly S$393.18 million or about S$850 psf ppr.

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