GLS Ang Mo Kio Site Sold For $550m

A GLS residential site in Ang Mo Kio drew the top bid from Wheelock Properties at $500 million which is on the high end of analysts’ expectation. There were 12 bidders for this site.

Analysts were expecting a bullish bid range from $560 to $650 psf ppr on the back of limited residential condo supply in the area. However, Wheelock Properties offer for the coveted 199,132 square feet site at Ang Mo Kio Ave 2 easily crushed the expected price range with its winning bid at $790 psf per plot ratio.

The next highest bid came from Capitaland unit at about $536 million which is less than 3% lower than the top bid.

This is also unusual for Wheelock, a usual upmarket freehold condo developer, to bid for a 99-year suburban state land site other than the other 99-year Parc Oasis in the Jurong suburban development.

The estimated break even cost will work out to be in the range of $1,250 to $1300 psf. A new condominium of about 680 units could be built on this site and the estimated selling price range from $1400 to $1600 psf. This site is near to the upcoming Mayflower MRT station along the Thomson Line.

Centro Residences located next to the Any Mo Kio MRT station was sold at an average price of $1,000 psf.

23 Jan 2013