Alexandra View gathered so much interest that it reached as much as 10 bids recently. The highest among all bids was from Tang Skyline; which tendered $376.88 million or equivalent to $850.81 psf ppr (per plot ratio). Following Tang Skyline’s bid was the joint venture between UOL Venture and Singland Homes that was worth $373.1 million or $842.28 psf ppr. However, many were surprised with the latter’s bid since Singland Homes became known for its December 2012 bid that reached $970 psf ppr for Alex Residences.
In a statement made by Nicholas Mark, SLP International’s head of research, Alexandra View’s top bid was more than 3 percent higher compared to the top bid for Principal Garden last April 2014 which was only $820.67 psf ppr. With the number of developers that showed interest during the bid, Mak said that there’s still a healthy demand for projects within GLS locations just like Alexandra View. It is just neighboring other developments such as The Crest @ Prince Charles and Mon Jervois that are all near Redhill MRT Station.
The SLP said that Alexandra View has a great potential to accommodate as much as 450 private homes on its 442, 967 sqft of land and numerous commercial spaces on its 21, 523 sqft area. Since the current plan for Alexandra View is to become a mixed development, the commercial spaces will be an area for restaurants, cafes, retail shops and other establishments that would cater to the lifestyle of its future residents and its neighboring areas as well.
In order to breakeven what was bid for Alexandra View, Mak also said that the residential units might be priced from $1,350 psf up to $1,400 psf. This is considered as a competitive price since most of the new condominiums within the same area as Alexandra View ranges from $1,530 psf up to $1,950 psf.