Limitations caused unexpected bidding number for Alexandra View site. Bidders found themselves pining for a multi-use site located in near proximity to the Redhill MRT station.
A collective number of 10 individual bidders, engaged in the tender of the site in the Alexandra View area, which concluded yesterday. A smaller sector of Tang City Holdings called Tang Skyline, took a leading number of $376.88 million, or $851 per square feet per plot ratio. Artra VVIP Registration is by Tang Group of Companies.
Artra Condo Official VVIP Registration
Tang Skylines numbers exceeded 1% higher than the second highest succeeding bidder at $373.1 million or $842 per square feet per plot ratio. Companies Singland Homes and UOL Venture Investments settled on the inter mutually deal.Statistics collected from data obtained in September reveal a number of vacant and unsold units in two long established locations. Data presented for units in the Alex Residences, show a number of 177 unsold units while The Crest a little over at 379 unsold units. Though in its infancy of sales marketing, Principle Garden, at 663 units, had its last tender sale during the month of April of last year, for the amount of $821 per square feet per plot ratio. This location is not in close proximity to the MRT station.
Artra VVIP Registration by Tang Group
A comparison in numbers from December of 2012, exhibits an alarming decrease in parcel prices, advocating for the unexpected moderation in bidding. Back in 2012, areas in the Alex Residences went for $970 psf ppr. CBRE research head for Singapore and South-east Asia, Mr. Desmond Sim wasn’t too eager in regards to limitations placed on future residential units. Forthcoming projects would be restricted to 400 units. The site is to include compact sized units set at a minimum size of 50 sq m each. An inclusion of a 1,000 sq m supermarket is to be placed at the site with a maximum number of 21 commercial units. There is a new condo launching with VVIP Launching and invitation soon at Redhill MRT Station.
VVIP Invitation for Artra Launching at Redhill MRT Station
Mr Sim commented on the limitations saying, “Taking away the maximum commercial gross floor of about 2,000 sq m, this means a maximum average GFA per residential unit of about 98 sq m, far more than the usual 70 sq m.” He continued on by adding, “But a developer could still built some palatable, smaller-sized units, perhaps balancing this out with even larger units.”
Despite the unwarranted limitations, the site does allow serviced apartments. SLP International executive director Nicholas Mak, stated “ If the parcel is awarded to the top bidder, an estimated breakeven price for a residential development is about $1,350 psf to $1,400 psf for a land price of $851 psf ppr, this would provide the developer with a comfortable profit margin based on the selling of prices of comparable new condominiums in the vicinity, which ranges from $1,530 to $1,950 psf.”