MCL Land JVs bid highest for Clementi & Pine Grove parcels

The JV between UOL Group & Singapore Land came in second at S$988.50/sf/ppr. The third lowest bid was from Wing Tai, and it was almost S$834psfppr.

Pine Grove plot has a cap on housing units of 565 to control traffic.

Six bidders submitted offers for the Clementi Ave. 1 site.

For traffic management, the site has a cap of 501 units.

The bids were generally in line the expectations of property experts polled by The Business Times Monday. Although the S$1,360/sf/ppr highest bid for ToaPayoh exceeded expectations, it was still 18% higher than the next-highest bid.

The highest bid, by a joint-venture between MCL Land Group and CSC Land Group in Singapore, was S$633.45m, or S$1,250psfppr. The joint-venture between CDL Frasers Property Sekisui came in second with a bid of S$1,201.55/sf/ppr.

The lowest offer, S$885.40/sq ft psf/ppr, came from a partnership between Hoi Hup Realty, and Sunway Developments.

Two separate joint ventures (JVs), involving MCL Land, emerged as the top bidders at the state land tender which closed on Tuesday (Nov. 7), for the three 99 year leasehold private housing plots on offer.

Clementi Avenue 1 & Pine Grove (Parcel b) are the two sites.

Blossoms condo

City Developments Ltd. (CDL), Frasers Property & Sekisui House were the highest bidders for the third Lorong 1 Toa Payoh site.

It offered S$968million or S$1,360per square foot, per plot ratio. Two other bids for the plot were made, one by a unit of CapitaLand Development. The other was from a GuocoLand consortium.

Toa Payoh is estimated to be able to produce approximately 775 units of private housing.

MCL Land, in partnership with Sinar Mas Land, placed the highest bid for Pine Grove (ParcelB) of S$692.4 Million. This is S$1,223.30/sf ppr.

Clementi’s plot was the one that attracted the most interest in the state land auction. It is probably because it had the smallest floor area of all three plots and also the lowest cost to build.

The latest state land auction saw a lower rate of participation than some of those of 2022. However, developers were willing and eager to make aggressive bids in an effort to win the top spot.

Pine Grove parcel B: The highest bidder was 23.8 percent higher than the next-highest bidder.

MCL Land’s-Sinar Mas Land’s joint venture offered a price of S$1,223 for a psf per parcel per year, which is approximately 7 percent less than the price that UOL Group and Singapore Land paid at the closing tender in June 2022 for Parcel B next door. The plot has been developed into Pinetree Hill.

The CSC Land – MCL Land joint venture won by only 4 per cent.

error: Content is protected !!