SPH submits S$1.132 billion top bid for Bidadari mixed commercial and residential site

SINGAPORE — A mixed commercial and residential site in Bidadari estate drew strong interest from developers by the close of tender on Tuesday (June 13), with the top bid coming from media and property company Singapore Press Holdings (SPH) amounting to S$1.132 billion, data from the Housing and Development Board showed.

The 99-year leasehold site along Upper Serangoon Road, released from the Confirmed List of the Government Land Sales (GLS) programme, was originally scheduled to be launched for sale via public tender in December last year. However, the launch was deferred to March this year to allow the site requirements to be finalised for comprehensive development. The site sits on about 273,842 sq ft with a gross plot ratio of 3.5, and can yield an estimated 825 private homes and about 161,460 sq ft of commercial space for uses such as shops and restaurants.

The highest bid, coming from SPH units Elara 1 and Callisto 1, translated to S$1,181.07 per sq ft of gross floor area. It narrowly beat the second-best bid of S$1.118 billion, or S$1,166.24 per sq ft of gross floor area, from a group comprising Far East Civil Engineering and Sekisui House. In all, there were 12 bids, underlying the keen interest among developers seeking to replenish their land banks.

Mr Nicholas Mak, head of Research & Consultancy Department at SLP International Property Consultants, said: “As expected, this first land parcel for private homes at the new Bidadari estate was hotly contested. The Upper Serangoon Road plot is located next to Woodleigh MRT station and is the first GLS site at Bidadari to be sold by the Government.”

“The Bidadari estate is a new public housing estate envisioned to be a ‘community in a garden’ with greenery and car-light features. The development on the site will also include a commercial bridge across Bidadari Park Drive towards Bidadari Park, and an underpass to connect to a bus interchange in Woodleigh Village. Such positive attributes have helped to attract much interest from the developers,” he added.

Based on the top bid, the developer of this mixed development could be aiming to launch the residential units at above S$1,700 per sq ft from late-2018 onwards, Mr Mak said, adding that if this occurs, it would set a new record price for 99-year leasehold apartments in the location.