Seven bids for Little India site; YK Land tops at $35.3 mil
The tender for a cluster of 18 saved terraced homes in Little India closed on July 28, drawing seven proposals. The top bid flowed YK Land, which sent an offer of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
URA had started the tender for the site on March 5. It makes up 18 two-storey preserved terraced houses that remain on parallel rows along Veersamy Road and Chitty Road. Initially constructed in 1927 as community quarters for public servant, the houses are attached by a back lane.
He includes: “Given the versatility to create either Serviced Apartments II or, with prior composed approval, strata landed homes, bidders were most likely to have actually reached various land valuations based on their preferred property development strategy, reconstruction costs and target audience.”
Various other quotes originated 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 2 bids came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
The effective tenderer is going to be needed to restore the buildings, which can be adjusted for residential or long-stay serviced apartment usage in accordance with URA’s conservation standards. The site can fit 18 strata landed residences or 36 long-stay serviced residences, based on URA’s price quotes.
Collectively, they occupy a 99-year leasehold site covering concerning 36,673 sq ft that is zoned for residential usage. The Jalan Besar MRT Station is a short step away.
YK Land’s bid for the area was 48.1% more than the second-highest quote, which came from construction company Conint and SEEDoE Ventures, an affiliate of real estate developer Kimen Group. The companions sent a proposal of $28.83 million or $650 psf ppr.
The reasonably broad spread among the two offers suggests that developers might have embraced varying assumptions regarding the site’s redevelopment potential and eventual output, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
