Source: URA

Lorong 1 Realty Park residential site located in Hougang drew 11 bids

A total of 11 developers have submitted bids for a 99-year leasehold private landed housing site located at Lorong 1 Realty Park in Hougang.

The top bid for the site came from a consortium by Fantasia Investment (Singapore), Sun Renwang and Yang Xinping at $75.8 million or about $525.58 psf per plot ratio, says the Urban Redevelopment Authority (URA) at the close of tender on June 1. It was $13.8 million or about 22% more than the second-highest bid of $62 million tabled jointly by Singhaiyi Investments and Haiyi Wealth.

According to the URA, this site has a land area of 13,398.6 sqm (144,221 sq ft). This development is expected to yield an estimated 50 landed housing units. The maximum building height would be 3-storeys. A proposed park of approximately 3,300 sqm (35,521 sq ft) shall be constructed by the successful tenderer and handed over to NParks for ownership and maintenance.

Analysts said the sites popularity lies mainly on the fairly small plot size and the shortage of sites for landed residential developments.

SLP International Property Consultants’ head of research & consultancy Nicholas Mak notes that a significant number of medium-sized developers and contractor-developers who are hungry for suitable development sites have participated in this tender.

“The site’s positive attributes, such as its location within a landed enclave and its proximity to the Hougang MRT Station, have helped to attract much interest from developers,” says Mak.

The Hougang site was released for sale via the confirmed list of the Government Land Sales (GLS) Programme for the first-half year.