Alexandra View site sees keen interest, with top bid coming in at S$376.9 million

An artist's impression of Alexandra View.
An artist's impression of Alexandra View.PHOTO: CITY DEVELOPMENTS

SINGAPORE - Bidding was keen though measured for a mixed use site in Alexandra View next to Redhill MRT station.

A total of 10 bidders participated in the tender which closed on Thursday evening (Nov 12).

The top bid of S$376.88 million, or S$851 per sq ft per plot ratio (psf ppr), was cast by Tang Skyline, part of Tang City Holdings or the Tang Group of Companies.

It was just 1 per cent above the second highest bid of S$373.1 million or S$842 psf ppr, by a joint venture between Singland Homes and UOL Venture Investments.

"The top five bids were within a 4.8 per cent margin, with no over-enthusiastic bid," said Mr Ong Teck Hui, JLL national research director.

While the site was attractive given its proximity to the MRT station and commercial component on the first storey, the top bid was at the lower end of expectations, he said.

The measured bidding may have been due to the fair amount of unsold units in nearby projects.

"Based on developer sales data in September, there are 177 unsold units in Alex Residences, 379 in The Crest while the 663 unit Principal Garden is still in the early stages of sales marketing," said Mr Ong.

The last tender in the area was the Principal Garden parcel in April last year, which fetched S$821 psf ppr but is much further away from the MRT station.

"(The restraint in bidding) becomes more apparent when compared to the S$970 psf ppr fetched by the nearby Alex Residences site in December 2012, showing how much land price has fallen in the immediate vicinity," Mr Ong added.

wrennie@sph.com.sg