A closely watched tender for a residential site at Alexandra View drew a top bid of $332.7 million, or $970.18 per square foot per plot ratio (psf ppr), yesterday.
Singland Homes, which put up the top bid for the 99-year leasehold site, Alexandra View (Parcel B), beat five other bidders.
The Alexandra View land parcel is located within an established residential estate and a short 10 minutes’ drive to Orchard Road, the Central Business District, Marina Bay and the Southern Waterfront area where VivoCity and Sentosa are located.
Situated next to Redhill MRT station, future residents will enjoy convenient access to all parts of Singapore. The future residential development will also be well connected to major arterial roads and expressways such as Alexandra Road, Tanglin Road and Ayer Rajah Expressway.
In addition, residents of the Alexandra View land parcel development can enjoy quiet respites at the nearby recreational parks at Telok Blangah Hill and Mount Faber. Recreational facilities such as the Delta Sports Hall and Swimming Complex are also located just a short 10 minutes’ walk away.
The future residential development will provide ideal homes for families with school-going children. Reputable schools located in the vicinity include Crescent Girls’ School and Gan Eng Seng Primary School.
Diverse and convenient shopping, dining and entertainment options are available at the nearby Tiong Bahru Plaza, Alexandra Village, Anchorpoint Shopping Centre, Queensway Shopping Centre and IKEA Alexandra.
Singapore Land has in the nearby vicinity a low-rise condo with about 109 units on a plot that it clinched at a state tender in February.
Mon Jervois, which has a Jervois Road address, is expected to be launched in late January.
“(For the Jervois Road site) we are looking at about $2,000 psf,” said Michael Ng, group general manager of Singapore Land and its parent, UIC.
Assuming it is awarded the site, the developer plans to erect a 43-storey residential tower.
The break-even cost will be about $1,500 psf, which translates to a selling price of about $1,700 psf, said Mr Ng.
“(The project will be) geared towards younger executive couples looking to buy for owner-occupation, or investors looking to rent the units out to expatriates working in the central business district or Orchard Road vicinity.”
The majority of the units will feature two bedrooms or two-plus-one and will be in the range of 800-1,000 square feet.
Joining the fray to protect its unlaunched project was a consortium comprising City Developments’ unit Sunmaster Holdings, Hong Leong Group’s Intrepid Investments and Hong Realty’s Garden Estates, which put up a bid of $271 million, or $790.30 psf ppr.
The second highest bid, which was put up by Far East Orchard and FCL Topaz, came in at $300.1 million, or $875.1 psf ppr.
The lowest offer for the land parcel was $268 million, or $781.56 psf ppr, which came from Mezzo Development.