Qingjian-led consortium submits record bid of $729 psf ppr for Jalan Loyang Besar EC site

By Nicholas Lam

/ EdgeProp Singapore |

August 1, 2024 5:58 PM SGT

The tender for the 305,757 sq ft site closed on Thursday, August 1.

A consortium of developers consisting of Qingjian Realty, China Communications Construction Co. and ZACD Group submitted the top bid of $557 million for a executive condominium (EC) site at Jalan Loyang Besar in Pasir Ris.

The tender for the 305,757 sq ft site closed on Thursday, August 1. The top bid submitted by the Qingjian-led consortium translates to a land rate of $729 psf per plot ratio (ppr).

This marks a new record land rate for an EC site in Singapore. The consortium’s bid of $729 psf ppr surpasses the previous record of $721 psf ppr set by Sim Lian Group when it bid for an EC site on Tampines Street 62 last July.

Read also: ZACD Group announces new appointments

With a plot ratio of 2.5, the EC site has an estimated maximum gross floor area (GFA) of 764,395 sq ft and the new development could yield up to 710 new homes.

The EC site at Jalan Loyang Besar received three other bids from different bidders.

The second highest bid of $538.89 million ($705 psf ppr) was submitted by a joint venture between CSC Land Group and Allgreen Properties. Their bid was just 3.4% short of the top bid.

The third highest bid of $460.86 million ($603 psf ppr) was submitted by Sim Lian Group while the final bid of $435.7 million was submitted by a joint venture between Hong Leong Holdings and their property development arm, Hong Realty.

If Qingjian Realty is awarded the EC site at Jalan Loyang Besar, the new development would be the 10th EC project developed by the company. The last EC project launched by Qingjian Realty in the area was the 618-unit Tenet located along Tampines St 62 in 2022.

“Building on the success of our last sell out EC – Tenet located at Tampines (launched in Dec 2022), we're confident that we will be able to create another excellent home that is well equipped with facilities and lifestyle offerings for all age groups,” says Du Dexiang, managing director of Qingjian Realty.

He adds that Pasir Ris is a much loved mature estate in the east, and the region is undergoing rejuvenation, such as the construction of the Cross Island Line which will boost its public transport connectivity.

This plot is the first EC site that the government has released for sale in Pasir Ris in 12 years. The last EC site in the area was sold in 2012 and has been developed into the 495-unit Sea Horizon, which was completed in 2016. There are only two other ECs within 500m of the Jalan Loyang Besar site – the 416-unit Watercolours and the 312-unit Eastvale.

Justin Quek, CEO of OrangeTee & Tie, believes there is pent-up demand for a new EC project in the area. Only two of the nine EC plots awarded since the beginning of 2020 were in the east, he says, adding that the next EC site to launch in the area is along Tampines Street 95, which is expected to launch sometime in August this year.

Quek also believes that the site’s proximity to Pasir Ris Park and Downtown East will further boost its appeal. There are also two primary schools within 1km of the site - Casuarina Primary School and Pasir Ris Primary School - which may be attractive to prospective buyers with school-going children.

Marcus Chu, CEO of ERA Singapore expects the future project to see launch prices of $1,600 - $1,700 psf, with a three-bedroom unit priced at approximately $1.5 million. He adds that units should be affordably priced, taking into account that buyers must stay under a monthly household income ceiling of $16,000.

The tender for the Jalan Loyang Besar EC site closed on the same day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown. A joint venture between Hong Leong Group and GuocoLand submitted the top bid of $497 million ($1,154 psf ppr) for the GLS land parcel at Margaret Drive.

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