Singapore is a great country, but some real estate developers might find it hard to find good land where they can build their projects. Alexandra View is an awesome site, but some bidders were not too enthusiastic about it. There are many things that developers don’t like about the site, and we are going to talk a little bit about them here.
Artra Condo Mix Development Childcare Centre
The bidding for a new site in the famous Alexandra View that is found near Redhill MRT station has been hot, but the whole process was also measured at all times. This tender just closed yesterday and 10 bidders enthusiastically participated. Tang Skyline put a $376.88 million bid for the site. This company is part of Tang Group or Tang City Holdings. UOL Venture Investments and Singland Homes formed a joint ventured and made a bid of $373.1 million for the site. The joint venture as just 1% below the top bidder. This was not a too-enthusiastic a bid after all.
Mix Development with Childcare Centre at Redhill MRT
The site is truly attractive because it is near MRT station, and it also has a commercial part in the first story. The top bid for the site was just at the lower end of almost everyone`s expectations. The site`s nearby projects have not been sold very well these days, and that explained the measured bidding for this site as well. Alex Residences has around 200 unsold units, and The Crest has around 400 unsold units. You can also find that the Principal Gardens are also in the project`s early stages of marketing. Artra is a mix development with childcare centre as well as retail F&B in the development.
Redhill MRT Station Artra Alexandra View
Principal Garden The famous Principal Garden parcel was the last tender in this area, though the site was farther away from the famous MRT station. The site just fetches an impressive $821 psf ppr at that time. The MRT Station`s immediate vicinity has witnessed a fall in prices these days that is truly dramatic. For instance, Alex Residences had a price of $970 psf ppr in December 2012. There is a cap of just 400 residential units that has been put on the site`s future project, which developers seemed not to be bothered about. They can only build 21 commercial units on the site as well.
Alexandra View has a low psf ppr price, and some developers might not like the site too much these days. The low prices of the site reflect what has been happening in Singapore these days, especially with properties near the famous Redhill MRT station. Big firms have bidden so they can take advantage of the great prices that Alexandra View has for them these days as well.