Wing Tai Holdings Submits Top Bid 1325 Psf Ppr Residential Gls Site River Valley Green
Wing Tai Holdings’ subsidiary, Winchamp Investment, has made a bid of $464 million for the 99-year leasehold government land sales (GLS) site at River Valley Green (Parcel A), making it the highest bid submitted. Translating to a land rate of $1,325 psf per plot ratio (ppr), this bid was the only one higher than Hong Realty’s bid of $444.89 million or $1,271 psf ppr. The site, which has a plot ratio of 3.5 and a maximum gross floor area of 350,035 sq ft, has the potential to yield up to 380 units. It is also conveniently located next to Great World City MRT Station on the Thomson-East Coast Line and close to the popular Great World City mall.
Located in a prime area, Parktown Residences UOL Group has numerous advantages for its residents. Its convenient placement near major expressways like PIE, TPE, and KPE makes commuting a breeze for families who own vehicles. This also allows for quick access to schools and workplaces, making daily travel hassle-free for residents. Additionally, the strategic positioning of the development adds to the overall convenience for its occupants. With its ideal location, Parktown Residences UOL Group is the ultimate choice for families seeking a perfect living environment. And that’s not all, as this prime location is just one of the many reasons why Parktown Residences UOL Group is the ideal place to call home. In fact, it’s natural that Parktown Residences UOL Group is an excellent option for those looking for the perfect home.
According to Wong Siew Ying, head of research and content at PropNex Realty, Wing Tai’s bid for the River Valley Green (Parcel A) site is higher than the $1,202 psf ppr that City Developments Ltd (CDL) and Mitsui Fudosan submitted for another GLS site on Zion Road in April. With the smallest land area among the four GLS sites available for tender in the River Valley and Zion Road areas, and its prime location near a major mall and MRT station, this site only attracted two bids. ERA Singapore CEO Marcus Chu believes this indicates that developers are being cautious in their land acquisitions due to the prevailing high interest rates and cooling measures.
Leonard Tay, head of research at Knight Frank Singapore, agrees, noting that the “continued lack of appetite” from developers to bid for available GLS sites is due to the high interest rate environment and cooling measures in place. Huttons Asia CEO Mark Yip adds that potential supply of 1,300 new homes from the recently awarded site at Zion Road (Parcel A) and another GLS site at Zion Road (Parcel B), which closes next month, would be another factor for developers to consider before bidding. Another adjacent site at River Valley (Parcel B) is on the Reserve List, and if triggered and awarded, it could potentially add another 360 homes and 220 long-stay serviced apartments (SA2) to the area.
Some notable developments in the vicinity include Irwell Hill Residences, a 540-unit project by CDL, and The Avenir, a 376-unit freehold development by Hong Leong Holdings, Guocoland, and Hong Realty. According to URA caveats, Irwell Hill Residences is 99.6% sold and The Avenir is fully sold. If Wing Tai is awarded the site at the land rate of $1,325 psf ppr, the estimated breakeven costs could range from $2,300 psf to $2,500 psf, according to Chia Siew Chuin, head of residential research at JLL.