Seven bids for Little India site; YK Land tops at $35.3 mil
The tender for a collection of 18 preserved terraced houses in Little India closed on July 28, drawing 7 offers. The top bid flowed YK Land, which submitted a deal of $35.29 million, or $962 psf per plot proportion (psf ppr), according to a URA release.
The effective tenderer will be needed to restore the structures, which can be adapted for residential or long-stay serviced apartment usage in accordance with URA’s conservation guidelines. The site can fit 18 strata landed houses or 36 long-stay serviced flats, based upon URA’s price quotes.
The relatively broad spread between both bids suggests that programmers may have adopted varying assumptions regarding the spot’s redevelopment possibility and eventual end product, says Mohan Sandrasegeran, head of study and information analytics at Singapore Realtors Inc.
He adds: “Given the flexibility to develop either Serviced Apartments II or, with prior written authorization, strata landed houses, bidders were most likely to have actually reached different land valuations based on their recommended property development strategy, repair charges and target market.”
YK Land’s offer for the area was 48.1% more than the second-highest bid, that came from construction business Conint and SEEDoE Ventures, a branch of property developer Kimen Group. The partners submitted a bid of $28.83 million or $650 psf ppr.
URA had started the tender for the site on March 5. It consists of 18 two-storey preserved terraced homes which remain on identical rows along Veersamy Road and Chitty Road. Originally built in 1927 as community quarters for civil servant, the homes are linked by a back lane.
Other bids 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 2 propositions originated from Westwood Hostel ($327 psf ppr) and Bogen Venture ($289 psf ppr).
Together, they inhabit a 99-year leasehold site spanning about 36,673 sq ft that is zoned for residence use. The Jalan Besar MRT Terminal is a brief walk away.
