Published on Dec 1, 2011
THE growing popularity of mixed-use sites led to a 10-way tussle over a plot in Bukit Panjang.
Sim Lian Group lodged the top bid of $492.9 million for the commercial and residential land at the junction of Jelebu and Petir Roads.
That works out to $805 per sq ft (psf) per plot ratio (ppr) for the 1.89ha site - 10.7 per cent more than second-placed Keppel Land at $445.2 million or $727 psf ppr.
A joint bid by United Engineers and Singapore Press Holdings was next at $416 million or $680 psf ppr.
Experts said the keen interest for the 99-year leasehold site was likely due to its mixed-use element.Credo Real Estate's research and consultancy head, Mr Ong Teck Hui, noted that buyers are keen on residential and commercial sites, especially if they are also integrated with a bus interchange or near an MRT station.
'The attraction is the convenience of being right at the doorstep of shopping and transport amenities, which is appreciated by owner-occupiers as well as investors as these are strong selling points to tenants,' he added.
There are not many mixed sites in the government land sales programme so when one arises there is strong competition, Mr Ong said.
The Bedok Residences mixed- use site attracted nine bidders with a top offer of $841 psf ppr in September last year while the Punggol Central site in February fetched a high of $752 psf ppr with seven contenders.
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Group, noted that the bidders for the latest site likely took into account the success of last week's launch of Bedok Residences.
Prices averaged $1,350 psf and more than 80 per cent of the 583 units have sold.
The Bukit Panjang site has a maximum permissible gross floor area of about 612,000 sq ft, with about 214,000 sq ft set aside for commercial use.
A 0.66ha mixed-used site at the junction of Thomson and Irrawaddy Roads was made available for application under the reserve list yesterday.
ESTHER TEO
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