UOL-UIC tie-up in top bid for Clementi Ave 1 site

Five bidders have thrown their hats in the ring for a 99-year leasehold private housing site in Clementi Avenue 1.

Units of UOL Group and United Industrial Corporation lodged the top bid of $491.3 million or $788.31 per square foot per plot ratio (psf ppr).

An MCL Land unit was next on $471 million or $755.75 psf ppr.

A tie-up between a Sing Holdings unit and MCC Land (Singapore) offered $452.3 million.

UOL group chief executive Liam Wee Sin said: "We like this site for the same attributes that contributed to the 100 per cent sell-out for our nearby development, The Clement Canopy."

The 505-unit Clement Canopy was released in February 2017 and sold out in July last year.

He added: "We believe there is very strong demand for this locale due to its close proximity to a strong educational cluster anchored by the National University of Singapore, NUS High School and Nan Hua High.

"This site would attract not just home buyers and upgraders but also investors, given the potential tenants from nearby establishments such as one-north, Science Park and National University Hospital.

"We plan to develop a 40-storey project (of) 640 units. It is a timely replenishment for our landbank, given that The Tre Ver and Amber 45 are more than 75 per cent sold."

Another state tender, for a 99-year leasehold executive condominium (EC) site at Canberra Link in Sembawang, drew eight bids.

The highest was from MCC Land (Singapore) at $233.89 million, or $566 psf ppr. This pipped the $233.5 million lodged by a tie-up between a City Developments unit and TID Residential.

MCC Land CEO Tan Zhiyong said the group has developed two EC projects - One Canberra and The Canopy - as well as project-managed two others for other developers. All four EC projects are in Singapore's north.

"Leveraging our experience, we are confident of developing an exciting EC project of about 385 units on the site," he added. "Overall, the EC market holds considerable prospects in the next few years with a continued controlled supply and widening EC-private condominium price gap."

A version of this article appeared in the print edition of The Straits Times on July 04, 2019, with the headline 'UOL-UIC tie-up in top bid for Clementi Ave 1 site'. Print Edition | Subscribe