According to HDB, Yishun Avenue is growing into both a commercial and residential site which has attracted 5 bids after its tender closed.
This site covers about 9,759.80 sqm and was launched for sale in the month of October 2014. The maximum gross floor area (GFA) covers 27,327.44 sqm with a plot ratio of 2.8.
Northern Resi and Northern Retail placed the highest bid at $185.09 million which is about $6,773 gross floor area for Bellewoods.
Coming in close with the second bid was KBD Ventures and Changi Properties with a bid of $181.6 million. Lastly, the lowest bid at $94.5 million was placed on the table by KSH Land Developers.
According to Desmond Sim who is the CBRE research head, these price bids will remain subdues if the current market conditions remain constant in Bellewoods.
Bellewoods EC Woodlands
It is important to notice that with the neighboring development projects, the bids should have been approached differently because Yishun’s private residential projects over the north that are to be launched. Before placing the bids, the bidders would have put considerations such as these.
Bellewoods EC Singapore
It is estimated that about 180 housing units will be erected according to the housing board in referencing to this 99-year leasehold plot.
After the evaluation of the provided bids, the final decision on whom to award will be issued.
The year 2015 is bound to stand out in the market industry with nine sites seeking to launch for sale in the first half of the year. It is as a result of these that will increase the number of bidders therefore making better investments