Seven bids for Little India site; YK Land tops at $35.3 mil
URA had released the tender for the site on March 5. It comprises 18 two-storey conserved terraced residences that remain on parallel rows along Veersamy Road and Chitty Road. Originally built in 1927 as community quarters for civil servant, the homes are linked by a back lane.
Collectively, they occupy a 99-year leasehold site spanning about 36,673 sq ft that is zoned for residential use. The Jalan Besar MRT Station is a quick step away.
The relatively wide spread amongst the two bids suggests that programmers may have taken on varying assumptions regarding the site’s redevelopment capacity and eventual end product, says Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc.
YK Land’s proposal for the area was 48.1% more than the second-highest bid, that originated from construction company Conint and SEEDoE Ventures, a branch of property developer Kimen Group. The partners submitted a bid of $28.83 million or $650 psf ppr.
Various other bids came 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 propositions came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The tender for a cluster of 18 conserved terraced homes in Little India shut off on July 28, inviting seven proposals. The leading bid came from YK Land, that sent an offer of $35.29 million, or $962 psf per story ratio (psf ppr), according to a URA release.
He adds: “Given the adaptability to develop either Serviced Apartments II or, with previous composed approval, strata landed houses, bidders were most likely to have actually gotten to different land valuations based on their favored development strategy, restoration charges and target market.”
The effective tenderer will be needed to restore the properties, which could be adjusted for residential or long-stay serviced apartment use in accordance with URA’s conservation standards. The site can fit 18 strata landed residences or 36 long-stay serviced residences, based on URA’s price quotes.
