By CNA | 20 September 2012 2022 hrs


The 99-year leasehold residential site at Prince Charles Crescent has attracted eight bids with the top bid coming in at about S$516.3 million.

It was jointly submitted by Wingstar Investment, Metro Australia Holdings and Maxdin Pte Ltd.

Wingstar Investment is a wholly-owned subsidiary of Wing Tai Holdings and Maxdin is a wholly-owned subsidiary of UE E&C Ltd. which is a unit of United Engineers Ltd.

The top bid translate to S$960 per square foot per plot ratio, and it is 1.5 per cent higher than the next bid, which was jointly placed by Intrepid Investments, Verwood Holdings and Hong Realty.

According to the Urban Redevelopment Authority (URA), the rest of the seven bids ranged between S$433.2 million and S$508.9 million.

The site has a maximum permissible gross floor area of 49,950 square metres.

Property analysts said the site saw enthusiastic bidding from developers.

ERA’s key executive officer, Eugene Lim, said: “The eight bids received revealed keen participation on account of the site’s appeal. The site is attractive as it is located in an established residential area within the central region. It is located near Redhill MRT station. It is near the Central Business District, Marina Bay and Orchard Road.”

Lee Sze Teck, senior manager for training, research and consultancy at Dennis Wee Group said: “Developers can build tower blocks which can offer unblocked views as the surrounding developments are mostly low rise. The strong bids placed by developers is probably due to the uptick in interest in projects like V on Shenton and Leedon Residences in the core central region. Ascentia Sky is almost fully sold as of August 2012.”

Mr Lee estimates that the the selling price of the residential units built at the site could be in the range of S$1,600 to S$1,650 per square foot (psf).

Analysts said the site at Prince Charles Crescent could yield about 600 condominium units.

SLP International Property Consultants’ executive director for research & consultancy department, Nicholas Mak, said: “There is substantial housing supply in the area with another two residential sites sold by government in the past 10 months. Both of two sites could yield a total of about 690 units. Another two residential sites that could potentially yield a total of about 980 units are in the Reserve List of the second half 2012 Government Land Sale Programme. This could indicate that government is trying to stabilise the housing prices in the area.”

URA said a decision on the award of the tender will be made after the bids have been evaluated.

– CNA/ck