Seven bids for Little India site; YK Land tops at $35.3 mil
URA had launched the tender for the site on March 5. It consists of 18 two-storey conserved terraced houses that remain on identical rows along Veersamy Road and Chitty Road. Initially built in 1927 as community quarters for government employees, the houses are linked by a back lane.
YK Land’s bid for the site was 48.1% greater than the second-highest quote, that originated from construction business Conint and SEEDoE Ventures, a branch of property developer Kimen Group. The partners submitted a quote of $28.83 million or $650 psf ppr.
The effective tenderer will be required to restore the properties, which can be adapted for residential or long-stay serviced apartment use in accordance with URA’s conservation standards. The site can suit 18 strata landed houses or 36 long-stay serviced residences, based upon URA’s price quotes.
He adds: “Given the versatility to create either Serviced Apartments II or, with previous written authorization, strata landed houses, prospective buyers were likely to have actually come to different land evaluations based on their recommended development strategy, restoration charges and target audience.”
The tender for a collection of 18 preserved terraced residences in Little India finalized on July 28, drawing 7 proposals. The top proposal emerged from YK Land, which submitted a deal of $35.29 million, or $962 psf per plot ratio (psf ppr), according to a URA release.
Together, they occupy a 99-year leasehold site spanning concerning 36,673 sq ft that is zoned for non commercial usage. The Jalan Besar MRT Station is a quick step away.
The reasonably vast spread amongst the two proposals suggests that developers might have embraced varying assumptions relating to the spot’s redevelopment possibility and possible final product, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
Other proposals came 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 two proposals originated from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
