The condo site at Ang Mo Kio Avenue 1, which is designated for condominium development, measures 136,480 sqft, with a maximum gross floor area (GFA) of 341,205 sqft. It is the latest GLS site in the Ang Mo Kio area in six years. The previous GLS site was the Lorong Puntong site, where Thomson Impressions now is, which was awarded in October 2014 for $173.6 million or $731 psf per plot ratio (ppr). Before that, the Ang Mo Kio Avenue 2/Ang Mo Kio Street 13 site, which was later developed as The Panorama, was successfully tendered for $550 million ($790 psf ppr) in January 2013.
The 99-year leasehold condo in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids. The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land. Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
UOL plan to develop a 24-25 storey condo project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
The Tengah EC site is in a non-mature estate, allowing first-mover advantage when it enters the market.
The government has announced plans to turn Tengah into a smart and sustainable town, with green features and smart technologies. The emerging Jurong Innovation District advanced manufacturing hub in the west would also help to attract investments and create jobs in the area. The Tengah Garden Walk EC site would likely be served by the new Jurong Region Line which is slated to open progressively from 2026, and be near to Hong Kah and Tengah Plantation MRT Stations.
HDB has already launched built-to-order (BTO) flats for sale in several exercises at Tengah. When completed, Tengah is estimated to provide about 42,000 new homes across five residential districts.
Also closing on Tuesday 25 May 2021 was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore). ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed. The tender for the Tengah EC site was conducted by the Housing & Development Board.
Real estate professional Kiwi Lim from Huttons Asia believe that with the higher construction costs of 30% to 50% globally in the market partly due to increased property demand arising from the Covid pandemic and taking into account the psf ppr prices of these bidded GLS land plots, the developers may launch the Ang Mo Kio Ave 1 condo project from $2,000 psf and the Tengah EC project from $1,300 psf.
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