Seven bids for Little India site; YK Land tops at $35.3 mil
URA had launched the tender for the site on March 5. It makes up 18 two-storey preserved terraced residences that remain on identical rows along Veersamy Road and Chitty Road. Originally integrated in 1927 as community quarters for civil servant, the homes are linked by a back lane.
Together, they occupy a 99-year leasehold site covering concerning 36,673 sq ft that is zoned for housing use. The Jalan Besar MRT Station is a short walk away.
The tender for a cluster of 18 preserved terraced homes in Little India closed on July 28, drawing 7 offers. The leading proposal emerged from YK Land, which sent a deal of $35.29 million, or $962 psf per story proportion (psf ppr), according to a URA release.
. He adds: “Given the flexibility to establish either Serviced Apartments II or, with previous written approval, strata landed residences, prospective buyers were likely to have actually come to various land assessments based on their preferred development strategy, restoration fees and target audience.”
YK Land’s offer for the area was 48.1% greater than the second-highest quote, that originated from construction company Conint and SEEDoE Ventures, a branch of property developer Kimen Group. The partners submitted a proposal of $28.83 million or $650 psf ppr.
Other bids originated 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 offers came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The successful tenderer will be required to restore the buildings, which can be adjusted for residential or long-stay serviced apartment use in accordance with URA’s conservation standards. The site can fit 18 strata landed houses or 36 long-stay serviced flats, based on URA’s estimates.
The relatively wide spread among both bids recommends that developers may have adopted differing assumptions relating to the site’s redevelopment capacity and possible final result, claims Mohan Sandrasegeran, head of research study and information analytics at Singapore Realtors Inc
