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S$51.1 million top bid for Sembawang housing site

SINGAPORE — A private housing site in Sembawang attracted nine bids from developers by the close of tender yesterday, with the highest bid of S$51.1 million coming from Dillenia Land, showed Urban Redevelopment Authority data.

SINGAPORE — A private housing site in Sembawang attracted nine bids from developers by the close of tender yesterday, with the highest bid of S$51.1 million coming from Dillenia Land, showed Urban Redevelopment Authority data.

The 99-year leasehold site in Jalan Kandis, released from the Confirmed List of the Government Land Sales (GLS) programme for the first half of this year, sits on 75,838sqf and has a plot ratio of 1.4, giving it a maximum permissible gross floor area of 106,175sqf, or an estimated 110 housing units.

GLS Confirmed List sites are put up for sale regardless of market interest, while those on the Reserve List are triggered for public tender only if a developer commits to bid at a price acceptable to the land sale authorities.

Century 21 Singapore CEO Ku Swee Yong said: “The response to the Jalan Kandis tender was lukewarm given the affordable quantum of the small site. Big developers largely stayed away as they may have felt that it is not worth their while to do such a small project in an outlying area. There are also restrictions such as height limits due to it being next to a landed housing estate.”

The top bid from Dillenia Land, a subsidiary of listed property developer Tuan Sing, translated to S$481 per sqft per plot ratio (psf ppr). Mr Ku estimated break-even at below S$900 psf ppr, with the selling price starting at about S$1,000 psf ppr.

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