UNITS linked to Frasers Centrepoint Ltd have emerged as the top bidder for a mixed-use commercial and residential plot at Yishun Central, putting in a bid that far surpassed consultants' expectations.
North Gem Development and FC North Gem Trustee (Trustee-Manager of North Gem Trust) bidded $1.4 billion for the site with a gross floor area of 1.33 million square feet, which works out to about $1,077 per square foot per plot ratio - based on a plot ratio of 3.
This is some 47 per cent above the second highest bid put in by a consortium involving Far East Civil Engineering, Far East Orchard Limited and Sekisui House.
In total, five bids were made for the site, which sits above the future Yishun bus interchange and is next to Yishun MRT station.
The residential component of the plot of land can yield 890 units, while about 359,084 sq ft of space is meant for for commercial use.
The Housing & Development Board (HDB), as the Government’s land sales agent,launched the land parcel at Yishun Avenue 2 / Yishun Central 1 for tender on 28 Jun 2013.
The details of the sale site are as follows:
Proposed Development: Mixed Commercial & Residential Development Integrated with Bus Interchange & Community Club
Site Area: 41,084.9sqm
Maximum GFA [GPR]: 123,254.7sqm [3.0]
Maximum Building Height: 56m AMSL
Estimated Dwelling Units: 890
Lease term: 99 years The tender closed at 12 noon today with 5 bids received.