Kheng Leong And Low Keng Huat Submit Top Bid 793 Psf Canberra Crescent Gls Site
A joint bid of $279 million has been submitted by Kheng Leong and Low Keng Huat for a residential government land sale (GLS) site at Canberra Crescent. This translates to a land rate of $793 psf per plot ratio (PPR). The tender for the 219,985 sq ft site closed on July 18, receiving a total of three bids.
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The second highest bid of $275.09 million was placed by a consortium consisting of Santarli Realty, Apex Asia Real Estate Holdings, BHCC Construction, and Heeton Land. Meanwhile, GuocoLand submitted the third bid of $228.77 million.
Located at the junction of Canberra Street and Canberra Crescent in District 27, the GLS site has a gross plot ratio of 1.6 and has the potential to yield up to 375 units. It is in close proximity to Bukit Canberra, an integrated sports and community hub that offers a hawker centre, swimming pool, and indoor sports hall.
At $279 million, the top bid for the GLS site at Canberra Crescent is higher than the $129.2 million ($644 psf ppr) bid submitted by JBE Holdings when it won the tender for a 143,326 sq ft site along Canberra Drive in 2020. This site is now being developed into the 219-unit project The Commodore, which was fully sold in June 2021 at an average selling price of about $1,400 psf.
Next to The Commodore is another GLS site on Canberra Drive, which was awarded to UOL Group in 2020 with a winning bid of $270.2 million ($650 psf ppr). UOL is now developing this site into the 448-unit Watergardens at Canberra, which was launched in August 2021 and fully sold by March 2023, with an average selling price of $1,686 psf.
In comparison, the Upper Thomson Road GLS site received no bids upon its closing.