MCL Land bids highest at tenders for Clementi & Pine Grove
Pine Grove plot is capped at 565 units to regulate traffic.
Six bids have been received for Clementi avenue 1.
The highest bidder was a JV between MCL Land Group (Singapore), and CSC Land Group. It came in at S$633,45 Million, or S$1,250 PSF PPr. The joint venture between CDL Frasers Property Sekisui had the second-highest bid at S$1,201.55 pesf.
The lowest price, S$885.40/sf/ppr was offered by a joint venture of Hoi Hup Realty with Sunway Developments.
It offered S$968.4 million, which is S$1,360 for each square foot of plot ratio. Two bids were also made for the same plot. One came from CapitaLand Development unit, while the other was from GuocoLand and a consortium.
Toa Payoh’s site is expected to yield approximately 775 private residential units.
MCL Land teamed with Sinar Mas Land for Pine Grove parcel B to submit the winning bid of S$692.4m. This amounts to S$1,223.30 for a ppr of a sf.
Separate JVs involving MCL Land emerged at the top of a state land auction that closed Tuesday (Nov.7) as the most competitive bidders.
Clementi Avenue 1 at Pine Grove (Parcel A) is one of the sites.
City Developments Ltd. was the winning bidder on the third Lorong 1 Toa Payoh. Frasers Property joined by Sekisui House.
Pine Grove parcel B had a top bid of about 23,8 per cent higher than the next highest.
MCL Land-Sinar Mas Land joint-venture’s S$1,223psfppr is 7 per cent lower than the price UOL Group-Singapore Land paid for ParcelA next door at an auction closing in June of 2022. Pinetree Hill has now been built on the plot.
The CSC Land and MCL Land JV’s bid to acquire the Clementi land plot had a lower winning margin of 4 per cent.
The JV bid of UOL Group and Singapore Land was S$988.50/sf/ppr. Wing Tai was the lowest of all three bidders, with a bid of S$834psfppr.
Despite the fact that the most recent state land tender had a smaller participation rate than the tenders held in 2022 some developers were still willing to submit aggressive bids so as to be at the top of the list.
To help manage traffic in the region, a limit of 501 housing unit has been set.
The tender offers were largely in line with the expectations expressed by property consultants, according to a poll conducted on Monday by The Business Times. Although it exceeded their expectations, the S$1,360/psf/ppr top offer for ToaPayoh, which is 18% more expensive than the next bidder, was higher than expected.
Clementi is the only plot to have received more bids than the other two, possibly because of its smaller size in terms of floor space and land cost.