Strong interest for Alexandra GLS site

Six developers bidded for a GLS choice residential site at Alexandra View with the highest bid exceeded most analysts' expectation at S$332.7 million. The winning bid for the 69,966 sq ft, 99-year leasehold land was from Singland Homes which is at $970 psf ppr.

The top bid is about 11% higher than the next highest bid at $875 psf ppr from a JV unit of Far East and Frasers Centrepoint.

It is higher than the $960 psf ppr winning bid for the Prince Charles Crescent site close to the Chatsworth Park GCB location as it is nearer to the Redhill MRT station.

This Alexandra View site has a high plot ratio that allows the developer to build a high-rise condominium for most units to have open views. It has a maximum GFA of about 342,900 sq ft for development into an approximately 375 units condo.

The break-even cost is about $1,400 and $1,450 psf and the expected selling price could be from $1,650 psf onward.

Alexandra area have been in demand recently with robust sales at the nearing T.O.P. project at Ascentia Sky.

A consortium lead by CDL will be launching the Echelon, a 43-storey condo with 508 units which is next to this site. The Echelon site was acquired by the developer in Dec 2012.

14 Dec 2012