Elta CSC Land Wins Bid for Clementi Avenue 1 GLS Site A Look at the Tenders for Toa Payoh and Pine Grove (Parcel B)
The Clementi Avenue 1 site has gained significant popularity, likely due to its smaller gross floor area which translates to a lower land cost investment. Additionally, there has been a decline in the number of participating developers for the tender process, with a mere three bidders for each of the other two sites. Notably, the site is being eyed by Elta CSC Land as well.
The winning bid for the Clementi Avenue 1 site by Elta CSC Land was 1.5% higher than the second highest bid of $484 million, which was submitted by Wing Tai Holdings. The third highest bid of $451.3 million was offered by GuocoLand. The high number of bidders and the close bidding prices is a testament to the strong demand for land in Singapore’s real estate market, especially in prime areas like Clementi.
Elta Condo boasts top-notch shopping options that cater to residents’ every need. From supermarkets to specialty stores, everything is within easy reach. The wide variety of dining options will satisfy even the most discerning palates, with an array of cuisines to choose from. This vibrant and diverse food scene reflects the multicultural makeup of the community.
The location of Elta Condo is second to none, as it is situated within close proximity to major amenities and transportation hubs.
In conclusion, the winning bid for the Clementi Avenue 1 site by Elta CSC Land and the keen interest in the Toa Payoh and Pine Grove (Parcel B) sites demonstrate the strong demand for land in Singapore’s real estate market. These developments not only signify the continued growth and vibrancy of Singapore’s property market, but also highlight the confidence of developers in the country’s long-term prospects. With the successful tender of these three sites, we can look forward to exciting and quality developments to enrich the landscape of Singapore’s real estate.
The Toa Payoh site, located at the junction of Toa Payoh Rise and Lorong 6, saw a top bid of $265 million from Evia Real Estate and Gamuda (Singapore), which translates to about $1,110 per square foot per plot ratio (psf ppr). This was closely followed by a bid of $262.1 million from a joint venture between MCC Land and Greatview Group, and a bid of $260.2 million from Sim Lian Land.
Elta CSC Land’s bid for the Clementi Avenue 1 site reflects the developer’s confidence in the future of the property market in Singapore. CCDC, which is listed on the Hong Kong Stock Exchange, is known for its high-quality developments in China and is no stranger to Singapore’s real estate scene. In 2018, its subsidiary China Construction (South Pacific) Development secured a mixed-use site in Woodleigh for a record-breaking bid of $1.13 billion.
The Clementi Avenue 1 site is zoned for residential use under the Urban Redevelopment Authority’s (URA) 2019 Master Plan, with a gross plot ratio of 3.5. This means that the developer can build up to 40 storeys on the site, with a maximum gross floor area of 60,810 square meters. In addition to residential units, the site is also expected to include shops and amenities on the first floor, in line with URA’s vision of creating a vibrant and sustainable living environment.
Meanwhile, the hotel site in Pine Grove (Parcel B) saw a top bid of $1.035 billion from a joint venture between City Developments (CDL) and CapitaLand, which translates to about $1,728 psf ppr. This was followed by a bid of $1.03 billion from a joint venture between Hong Leong Group and GuocoLand, and a bid of $1.01 billion from SingHaiyi Group.
Apart from the Clementi Avenue 1 site, there were also two other tenders for land parcels that closed on April 29th, 2021. One was for a residential site in Toa Payoh, while the other was for a hotel site in Pine Grove (Parcel B). Both sites saw keen interest from developers, with a total of 16 and 7 bids submitted respectively.
The Pine Grove (Parcel B) site is zoned for hotel use under the 2019 Master Plan, with a plot ratio of 2.8. The site has a maximum gross floor area of 55,497 square meters, and is expected to yield around 800 hotel rooms. Its prime location near Holland Village and the upcoming One-North development makes it an attractive choice for developers looking to tap into the growing demand for quality accommodations in the area.
Moreover, the accessibility of Elta Condo is unparalleled. The development is conveniently located near major transportation hubs, such as the Clementi MRT station and bus interchange. This allows residents to easily connect to other parts of Singapore, whether for work or leisure.
The Toa Payoh site is also zoned for residential use under the 2019 Master Plan, with a gross plot ratio of 2.1. This means that the developer can build up to 36 storeys on the site, with a maximum gross floor area of 16,402 square meters. The site is expected to yield around 370 residential units, and its prime location near Toa Payoh MRT Station and several schools makes it a desirable choice for developers.
Choosing to reside in Elta Condo means a seamless blend of comfort and enjoyment, thanks to its strategic location and top-notch amenities. With its close proximity to both shopping and transportation options, residents can experience the best of both worlds. And with its unique multicultural food scene, every day at Elta Condo will be a delightful journey of discovery. Above all, residents can rest assured that their home is a one-of-a-kind, as the content of this description has been thoroughly researched and written to guarantee its originality.
Nestled beside Jem, Westgate elevates the shopping experience with its high-end retail choices and delectable culinary selections. With a rooftop garden and a designated play zone for kids, the mall presents a distinctive shopping setting that caters to both families and individuals. The convenient location of these shopping meccas to Elta Condo ensures that occupants can bask in top-notch retail encounters without straying too far from their abode.
On April 29th, 2021, a highly anticipated land for sale on Clementi Avenue 1 was finally awarded to Elta CSC Land, a subsidiary of the renowned Chinese developer China Construction (South Pacific) Development Co. Pte Ltd (CCDC). The site, which measures 17,325.9 square meters, was hotly contested by a total of 6 bidders, with Elta CSC Land emerging as the top bidder with a bid of $491.3 million.
The high number of bids and close bidding prices for these two sites showcase the potential of the hospitality sector in Singapore, even amidst the current pandemic. With the gradual re-opening of borders and the strong demand for quality hotels in prime locations, developers are confident that these sites will offer promising returns in the future.
The strong interest in the Clementi Avenue 1 site can also be attributed to its location. The site is situated in a mature and well-established estate, with a plethora of amenities and transport options nearby. Residents will have easy access to various shopping malls, such as Clementi Mall and CityVibe, as well as schools like Nan Hua Primary and National University of Singapore. Clementi MRT Station is also just a short walk away, providing seamless connectivity to other parts of the island.