Six bid yield for The Clement Canopy Clementi condo site
There were only six bids made for The Clement Canopy Clementi condo site, which industry analysts take as a sign that developers are looking into the Siglap plot which is now known as Seaside Residences that is expected to come up in January.
The top bid of $615 psfppr was from a joint venture of Singapore Land unit Singland Homes and UOL. Their bid was only 9.4 per cent more than the bid made by the joint venture of LianBeng and Oxley.
The winning bid for the 1.3 ha site situated in Clementi Avenue 1 turned out to be higher than what people initially expected. There are still quite a number of units that are unsold in the area, despite proximity to top ranking schools, the West Coast Plaza, and a wet market. For example, the Trilinq condo located in Jalan Lempeng which is less than 2 km away, still has around 550 units that are unsold after its 2013 launch.
According to Mr Liam Wee Sin, UOL’s deputy group chief executive officer, the project is expected to attract upgraders and home buyers. He adds that the site’s proximity to prestigious schools such as the National University of Singapore and the National University Hospital, as well as being near the Science Park, would attract investors.
There will be 40-storey towers with a total of 500 units planned to be built on the site, and designed to utilize the views to the south.
The executive director of SLP International, Mr Nicholas Mak is keen to note that the number of bids is lower when compared to recent other ones. Other eight residential tenders received an average of 11 bids. Mr Mak adds that this could be because developers are putting their resources on reserve in order to bid later on for residential sites that are expected to be announced under the new Government Land Sales (GLS) programme.
Some developers could be earmarking their resources for a rare Siglap condominium site, for example. This aside, there are a wider variety of sites that are slated to be offered thru the GLS programme. Previous GLS sites were located in the North-East region, and a project in the West Coast area will drum up excitement. Mr Sim adds as well that big developers are turning their focus again on Singapore despite international opportunities, such as in the case of Oxley.