Siglap Condo Site – Developer in need for land banks

siglap land bid

Siglap Condo Site attracted 8 bids

Siglap Condo Site attracted high numbers of bid despite current market condition. This indicate that property developers are in need to replenish of land bank and believe that the market could recover later this year or by 2017. 

Eight bids was received for this 1.93ha land size and could build approximately 800 to 900 units. A consortium of Fraser Centrepoint unit FCL Topaz, Sekisui House and Keong Hong Holdings uni KH Capital Lodged top the offer with $624.18 million, or about $858 psf per plot ratio. They are planning to launch this project within a year targeting owner occupiers in mid to upper price segment, quoted in a joint statement by the firms. 

Experts believe the lack of development site in Siglap area will have pent up demand given the proximity to amenities such as East Coast Park, Changi airport, Katong and possible unblocked sea views. This site is also within walking distances to a future station along Thomson East Coast Line that will benefit home buyer in term of transportation. Other new project like Thomson Impression are also close to Thomson Line. 

The last plot of sale site was in 2001 in those area, now the Cote D'Azur Condominium.