Seven bids for Little India site; YK Land tops at $35.3 mil
YK Land’s offer for the area was 48.1% more than the second-highest quote, which came from construction business Conint and SEEDoE Ventures, an affiliate of property developer Kimen Group. The companions submitted a quote of $28.83 million or $650 psf ppr.
The tender for a cluster of 18 saved terraced houses in Little India closed on July 28, inviting seven bids. The top bid flowed YK Land, that sent an offer of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
URA had launched the tender for the site on March 5. It consists of 18 two-storey preserved terraced residences that sit on identical rows along Veersamy Road and Chitty Road. Initially integrated in 1927 as municipal quarters for civil servant, the houses are connected by a back lane.
Other quotes 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 proposals came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The fairly broad spread between both proposals recommends that programmers may have taken on varying assumptions relating to the site’s redevelopment possibility and eventual final result, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
Together, they inhabit a 99-year leasehold site extending about 36,673 sq ft that is zoned for housing use. The Jalan Besar MRT Terminal is a short stroll away.
He adds: “Given the flexibility to create either Serviced Apartments II or, with previous composed authorization, strata landed homes, prospective buyers were most likely to have come to various land evaluations based on their favored property development strategy, repair expenses and target market.”
The successful tenderer is going to be needed to restore the properties, which can be adjusted for residential or long-stay serviced apartment usage in accordance with URA’s conservation standards. The site can fit 18 strata landed homes or 36 long-stay serviced condos, based on URA’s price quotes.
