Seven bids for Little India site; YK Land tops at $35.3 mil
YK Land’s bid for the site was 48.1% greater than the second-highest proposal, that came from construction business Conint and SEEDoE Ventures, an affiliate of property developer Kimen Group. The partners submitted a proposal of $28.83 million or $650 psf ppr.
The tender for a set of 18 conserved terraced homes in Little India closed on July 28, inviting seven offers. The top bid emerged from YK Land, which sent a deal of $35.29 million, or $962 psf per story ratio (psf ppr), according to a URA release.
The fairly wide spread among both offers suggests that programmers may have taken on varying assumptions relating to the spot’s redevelopment capacity and possible final product, claims Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc
URA had introduced the tender for the site on March 5. It makes up 18 two-storey preserved terraced residences which sit on parallel rows along Veersamy Road and Chitty Road. Initially built in 1927 as municipal quarters for government employees, the houses are linked by a back lane.
The successful tenderer will be required to restore the properties, that can be adapted for residential or long-stay serviced apartment usage in accordance with URA’s conservation guidelines. The site can suit 18 strata landed homes or 36 long-stay serviced residences, based on URA’s estimates.
. He adds: “Given the adaptability to establish either Serviced Apartments II or, with prior written approval, strata landed houses, bidders were most likely to have come to different land appraisals based upon their favored property development strategy, repair expenses and target audience.”
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 proposals came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
Together, they occupy a 99-year leasehold site covering regarding 36,673 sq ft that is zoned for residence usage. The Jalan Besar MRT Terminal is a very short step away.
