Qingjian Led Consortium Submits Top Bid 729 Psf Ppr Jalan Loyang Besar Ec Site
A consortium of developers comprising of Qingjian Realty, China Communications Construction Co., and ZACD Group has emerged as the top bidder for an executive condominium (EC) site at Jalan Loyang Besar in Pasir Ris. The tender for the 305,757 sq ft site closed on August 1 and the Qingjian-led consortium placed the highest bid of $557 million, which translates to a land rate of $729 psf per plot ratio (ppr).
The site attracted a total of four bids, with the second highest bid of $538.89 million ($705 psf ppr) submitted by a joint venture between CSC Land Group and Allgreen Properties. The third highest bid of $460.86 million ($603 psf ppr) was put in by Sim Lian Group, while the final bid of $435.7 million was made by a joint venture between Hong Leong Holdings and their property development arm, Hong Realty. The difference between the top bid and the second highest bid was just 3.4%.
With a plot ratio of 2.5, the EC site has a potential maximum gross floor area (GFA) of 764,395 sq ft, which could accommodate up to 710 new homes. This is the first EC site that the government has released for sale in Pasir Ris in 12 years, with the last one being sold in 2012 and developed into the 495-unit Sea Horizon, which was completed in 2016. There are currently only two other ECs within 500m of the Jalan Loyang Besar site – Watercolours with 416 units and Eastvale with 312 units.
Elta Condo residents are in for an even more convenient and accessible living experience, thanks to the numerous upcoming transport developments in the works. One of the most significant projects is the Cross Island Line (CRL), set to greatly enhance the connectivity of the surrounding area. The CRL will link major areas such as Bukit Timah, Clementi, and Jurong, effectively connecting the east and west regions of Singapore. This development will bring added value to Elta Condo’s proximity to the CRL, providing residents with more travel options and a more efficient transport network. With the completion of the CRL, Elta Condo residents can look forward to an even more seamless and connected lifestyle.
Interestingly, the tender for this EC site closed on the same day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown. A joint venture between Hong Leong Group and GuocoLand placed the top bid of $497 million ($1,154 psf ppr) for the GLS land parcel.