Yishun mixed-use site attracts 13 bids
Jan 24, 2013 - PropertyGuru.com.sg
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By Romesh Navaratnarajah:
A mixed commercial and residential site (pictured) at Yishun Ring Road/Yishun Avenue 9 attracted a total of 13 bids when its public tender closed today, said the Housing and Development Board (HDB).
Launched for sale on 27 November 2012, the 99-year leasehold site has a land area of around 95,350 sq ft and maximum gross floor area (GFA) of 266,980 sq ft. It is expected to yield about 160 housing units.
Developer CEL Property submitted the top bid of S$212.1 million or S$794 psf on its GFA. Meanwhile, the second highest offer of S$193.7 million ( S$726 psf/GFA) came from joint bidders Boo Han Holdings and Far East Orchard.
Experts feel that the new development should generate a fair amount of interest, going by the success of other mixed-use sites including The Hillier and Bedok Residences.
"This site will be the first private residential project in the proximity of Yishun MRT Station and will be a pre-cursor to the next mixed use site at the current Yishun Bus Interchange, that will be put up for sale in June 2013," said Desmond Sim, Associate Director, CBRE Research.
He added that more than 70 percent of the HDB units in Yishun are the four-bedroom type, providing a ready pool of upgraders for the residential project that will be built. Recently launched residential projects in the area include Skies Miltonia, One Canberra and Eight Courtyards.
At the same time, Sim believes that retail space developed on the site should be well-received by residents, office workers and students in the vicinity, as Northpoint is the only shopping mall currently serving the estate.
Based on the top bid, "the developer could sell the retail portion on a strata-titled basis at around $3,000 psf to $4,000 psf and the residential units at around $900 psf", said Sim.