One of the highest bids of more than $1 billion is made together by the Nanshan Group (Developer for Thomson Impressions) and Logan Property of China to attain the large site. However, Hong-Kong also listed second and the third highest bids from MCL Land (and OUE, offering $925.7 million and $901 million.
The Head of Research at Edmond Tie and Co, Dr. Lee Nai Jia, has clarified that the winning bid provides $1,050 psf on every individual plot ratio. According to this statement, an approximate price can be calculated, which will be in between $1,600 psf to $1,700 psf.
Mr. Lee further revealed that the developments taking place in the Redhill and Queenstown areas, such as Principal Garden and Queens Peak, having a psf of $1662 and $1696, will fall in the same category of price.
One of the best advantages to the site of Stirling Road is its prime location, which has clear connections with the central locations and especially with the MRT station of Queenstown. As in words of Mr. Lee “The Buona Vista area is near from this location, which includes various industrial corporations such as R&D and Pharmaceuticals. The income from rent is considerable, which has several benefits for the workforce in Jurong East and CBD.
The land was legally issued on a 99-years lease and primitively; the land was mentioned in the reserve list of Government Land and Sales Program (GLS). An unidentified bidder triggered this land for sale last month after he bid for $685,250,000.
Mr. Hari Krishnan, the Chief Executive Officer of the Property Guru said that the winning bidder has several reasons to act optimistically. According to Mr. Krishnan “Selling of properties in the Alexandra and Queenstown is found to be increased by 40% in the first quarter of the year 2017 and this is a consequence of some important projects in these areas like Artra, Principal Garden and Queens Peak”. More developments in the same area include Alex Residences and The Crest @ Prince Charles. Moreover, Krishnan took some names of the old projects in the bullish lands such as Raintree Gardens and Shunfu Ville, and explained the positive effects on these several old projects, such as an increase in their demands and opportunities for these projects to be sold on some healthy profits.
Mr. Lee keeps similar views as of Krishnan and said: “We are expecting even higher bids in the future launch and there will be no surprise in seeing a great number of bids for the lands, which are found in the surroundings of Bidadari Housing Estate”.
As stated by the Urban Redevelopment Authority, “The decision for the tender award will be taken after the evaluation of bids”. However, the latest update has revealed that the bids are finally closed on the 18th May 2017 and there are top 13 bids related to Queenstown tender in the Stirling Road, and all these bids are taken into account in order to take decisions.
Take a look at more new developments by visiting freehold cluster landed, the Belgravia Villas (now offering additional discount) and not forgetting One Surin, (another development with great discount).
