Seven bids for Little India site; YK Land tops at $35.3 mil
The tender for a collection of 18 saved terraced residences in Little India closed on July 28, inviting seven proposals. The top bid flowed YK Land, which submitted an offer of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
The effective tenderer is going to be needed to restore the buildings, that can be adapted for residential or long-stay serviced apartment use in accordance with URA’s conservation standards. The site can fit 18 strata landed residences or 36 long-stay serviced condos, based on URA’s estimates.
Together, they occupy a 99-year leasehold site covering regarding 36,673 sq ft that is zoned for residential use. The Jalan Besar MRT Terminal is a brief walk away.
YK Land’s proposal for the site was 48.1% greater than the second-highest proposal, which came from construction business Conint and SEEDoE Ventures, an associate of property developer Kimen Group. The partners submitted a bid of $28.83 million or $650 psf ppr.
URA had launched the tender for the site on March 5. It comprises 18 two-storey conserved terraced homes which remain on identical rows along Veersamy Road and Chitty Road. Initially constructed in 1927 as municipal quarters for public servant, the houses are connected by a back lane.
Other bids originated from RPC One (a unit of OKP Holdings) at $646 psf ppr, Mezzo Properties at $446 psf ppr, and Haus @ Central at $447 psf ppr. The bottom 2 proposals came from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
He adds: “Given the flexibility to develop either Serviced Apartments II or, with prior composed authorization, strata landed houses, prospective buyers were most likely to have arrived at various land appraisals based upon their preferred property development strategy, restoration expenses and target market.”
The fairly wide spread among the two offers suggests that programmers may have adopted varying assumptions relating to the spot’s redevelopment possibility and eventual final product, says Mohan Sandrasegeran, head of study and information analytics at Singapore Realtors Inc.
