Seven bids for Little India site; YK Land tops at $35.3 mil
The relatively vast spread amongst the two proposals recommends that developers might have taken on differing assumptions relating to the site’s redevelopment capacity and ultimate final product, claims Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc.
URA had released the tender for the site on March 5. It consists of 18 two-storey preserved terraced residences which sit on parallel rows along Veersamy Road and Chitty Road. Originally integrated in 1927 as municipal quarters for civil servant, the homes are connected by a back lane.
Various other bids originated 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 2 propositions came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The tender for a collection of 18 saved terraced houses in Little India closed on July 28, drawing 7 offers. The leading bid emerged from YK Land, that sent an offer of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
He adds: “Given the flexibility to develop either Serviced Apartments II or, with prior written approval, strata landed residences, prospective buyers were likely to have actually gotten to various land valuations based on their preferred development strategy, reconstruction charges and target audience.”
Collectively, they occupy a 99-year leasehold site covering about 36,673 sq ft that is zoned for housing use. The Jalan Besar MRT Terminal is a quick walk away.
YK Land’s offer for the area was 48.1% greater than the second-highest proposal, that originated from construction business Conint and SEEDoE Ventures, an affiliate of real estate developer Kimen Group. The companions submitted a bid of $28.83 million or $650 psf ppr.
The effective tenderer is going to be needed to restore the structures, that can be adapted for residential or long-stay serviced apartment use in accordance with URA’s conservation standards. The site can accommodate 18 strata landed homes or 36 long-stay serviced condos, based upon URA’s quotes.
