MCL Land’s joint ventures are the top bidders in URA tenders
The CSC Land/MCL Land joint venture’s winning bid for the Clementi parcel was lower, at 4%.
Clementi received the highest number of bids during the recent state land tender. Perhaps this is because the plot has the smallest total floor area and lowest land costs of the three.
MCL Land and Sinar Mas Land placed a joint bid of S$692.4million for Pine Grove, parcel B. This represents S$1,223.30/sf/ppr.
The tender bids are in line, for the most part, with expectations from property consultants surveyed by The Business Times. The S$1,360 PSF ppr for ToaPayoh was more than 18% above the next highest offer. This bid exceeded the expectations of the consultants.
Pine Grove Parcel B’s top bidder bid about 23.8% more than its next highest bidder.
The second-highest offer, by a JV of UOL Group with Singapore Land, was S$988.50 psf. Wing Tai’s unit made the third-lowest bid at S$834 psf.
Developers were willing to bid aggressively to get the top spot, even though the latest state tender had a lower participation percentage than other tenders for 2022.
Separate joint-ventures (JVs), which included MCL Land as a partner, emerged the highest bidders of two of three 99-year leasehold housing sites that were on offer in an auction for state land that ended on Tuesday (Nov. 7)
Toa Payoh could yield 775 housing units for private homes.
Cape Royale Pricing
Pine Grove plot: A cap of 565 housing units has been set to manage traffic.
Six bids for Clementi Avenue 1 were received.
The highest was a JV from MCL Land with CSC Land Group Singapore. This bid came to S$633,45m or S$1,250psfppr. The second-highest offer for this parcel was S$1,201.55/sf/ppr from a tie-up involving CDL Frasers Property Sekisui.
The lowest bid of S$885.40 for a psf per annum was made by a partnership between Hoi Hup Realty (Hup) and Sunway Developments.
Clementi Avenue 1 in Clementi and Pine Grove parcel B are the two sites.
City Developments Ltd., Frasers Property and Sekisui House formed a consortium to bid for the third Lorong 1 Toa Payoh property.
It offered S$968.8 million, or S$1,360.60 per square foot and per plot ratio. The plot attracted two other bids. One was from an unit of CapitaLand Development, and the second from a consortium including GuocoLand.
To control traffic, a maximum of 501 residential units have been established for the site.
MCL Land, Sinar Mas Land and their joint venture offer a S$1,223 PSF ppr. This is around 7 per cent less than what UOL Group paid Singapore Land in June 2022 at a tender closing for Parcel AA next door. Pinetree Hill is being built on that plot.
