Tuan Sing top bidder for Sembawang condo site
By Feily Sofian
/ The Edge Property |
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A residential site at Jalan Kandis in Sembawang attracted a total of nine bids yesterday. Dillenia Land, a subsidiary of Tuan Sing Holdings, put in the top bid of $51.1 million or $481 psf ppr. The bid was 1.8% higher than the next highest bid by Qingjian Realty. The site can yield around 110 units.
Desmond Sim, CBRE head of research for Singapore and South East Asia, attributed the keen interests to the site's palatable price quantum. At 0.7 ha, the site is relatively small compared to other sites on the Government Land Sales Programme.
Another attraction of the site is its location, which predominantly comprises landed homes. "When completed, the project will be the only non-landed project within a two–km radius", says Sim.
The nearest private non-landed homes to the site are Canberra Residences which was completed in 2013 and Yishun Sapphire, an older project which was completed in 2001.
The latest transaction at Canberra Residences was for a 1,324 sq ft unit on ground floor which fetched $846 psf. Meanwhile, three 614 sq ft units were transacted in 4Q2015 at an average price of $1,084 psf.
Site location
Source: URA
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