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Offers Up for the Parcel B at Prince Charles Crescent Site

One of the most highly anticipated properties has already been tendered. Parcel B at the Prince Charles Crescent was already awarded UOL Venture Investments and Kheng Leong Ltd. The deal was announced and confirmed by the Urban Redevelopment Authority recently. The residential site reached a whopping value of SG$8,833.40 per square meter. This comes to a total of SG$463,100,000 in contract.

Out of all the 7 bidders, the collaboration between Kheng Leong as well as the UOL Venture Investments topped everyone else during the said tender. As they set the bar, the second company that hoped to be the owner of Parcel B was Verwood Holdings. They were a couple of million Singaporean dollars short and only bid SGD$440,200,000. Following Verwood Holdings is Winzest Investment who took the third spot during the bid. The latter however, only bid SGD$438,488,888. Both of the last two companies where hoping to be the owner of Parcel B which measures 24, 964.3 meters and is available for a 99-year leasehold tenure.

So what attracted these companies to bid for the Parcel B in the first place? Location is definitely one of the major reasons why there were so many hopefuls. Parcel B in Prince Charles Crescent is highly accessible not just for public transportation hubs particularly the Redhill MRT Station. Car owners can also reach most of the major expressways that would take them to the rest of Singapore as well. Through these gateways, the Harbourfront and also the Orchard Road belt will be reached in no more than 30 minutes. Schools are also nearby including Gan Eng Seng and Crescent Girls’ School.

There are other residential properties pretty near to this current development such as new launches development, Robin ResidencesPrincipal Garden and the Pollen & Bleu. While Parcel B was sold for more than SGD$460,000,000 the Parcel A on the other hand was tendered for SG$516,298,888 by Wingstar Investment last 2012.

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