Last January, Chip Eng Seng put in a tremendous bid for the Kampong Java land parcel in Singapore. At first glance, this would seem counterintuitive. However, this land has tremendous potential, and Chip Eng Seng realizes it. This is an important step for Chip Eng Seng’s property development interests. Here are some details regarding this important acquisition.
Tender for Kampong Java Bid Closed
The first part of this process was to open up the site for tendered bids. There is no question that this 125,000 would receive a lot of interest. They not only received seven bids, but the top bid of $418.8 million came from Chip Eng Seng Corporation unit CELH Development. They beat out the second-highest bid, which was submitted by GuocoLand in the amount of $417.24 million.
This site has a lot of development potential.
One of the reasons investors were willing to pay so much money for this site is because they realize the immense potential that it is. If the property is leveled correctly, it could easily be turned into a condominium lot of over 400 units. The fact that this land parcel is in such a central location was yet another factor that put it in high demand. The Kampong Java site is quite special indeed.
Kampong Java Bid at Newton MRT Station
First of all, the Java site is the first private residential sale that was listed on the government land sale (GLS). It was put up for sale after the minimum unit guidelines were announced on October 2018. However, developers were in a cautious mood, as many government officials noted that the top bid was below their expectations. The Kampong Java site condo is called Kopar at Newton by CEL Development.
After analyzing the break-even price by this group, other property development experts estimated the break-even price would be about $1,700 psf. Thus, the selling price for the project could range from $1,900 to $2,000 psf. The fact that Chip Eng Seng was successful with their purchase of Park Colonial in July 2018 was a good sign for many investors as well.
Kampong Java Land Parcel For Sale
This Kampong Java land parcel is definitely some prime real estate, simply because it is located between the prime district 9 and the Newton MRT public transportation station. If you are employed with the Novena medical cluster, this proposed housing will definitely be great for all of your needs. CBD and Orchard Road individuals will find several benefits with this location as well. Homebuyers and investors will find this an appealing site for new housing, that is for sure.
Uptown at Farrer is a 99 years leasehold development located in Singapore. Low Keng Huat Limited submitted for the top bid for the plot. The development is located next to the Orchard area as well as Farrer Park MRT. Uptown @ Farrer Perumal Road Condo has excellent facilities such as BBQ pits, a 50m swimming pool, clubhouse, guard house, tennis court, function room, indoor gym, children’s playground, and sun deck. Residents who are active can use Jalan Besar Stadium and Jalan Besar Swimming Complex that is a few minutes away from Uptown at Farrer. All these facilities provide full entertainment needs for your family and friends. The condo is a mixed development that will comprise of residential units, retail, and service apartment containing 2 Bedroom for investment and 4 Bedroom for own stay.
Project Details for Perumal Road Condo Uptown @ Farrer
Address of Development: Perumal Road Singapore’s
Tenure: 99 Years Leasehold
Gross Floor Area: 173,892 square feet
Site Area: 41,402 square feet
No of Units: Approximately 200 units
No of Storeys: To Be Advised
No of Blocks: To Be Advised
Top: December 2022
Uptown at Farrer Low Keng Huat Construction
Several companies were bidding for the residential site due to it’s close proximity to the commercial establishment. Low Keng Huat Limited was successful the site at a whopping price of S$174.08 million. They definitely got what they wanted since the first floor is filled with commercial establishments. Despite the high price, the current market sentiment now deems that the site is fairly priced compared to the recent enblocs. Some of these enblocs are far away from from the city but they have been priced high compared to Uptown at Farrer. The famous facilities near include The Claremont Hotel, Fortuna Hotel, Shing Hotel, Femloft Hostel, and Tai Hoe Hotel. There are also nice restaurants like Nalan Restaurant, Purely Vegetarian, and The Mark Restaurant. The condo has also been made popular due to its location to nearby shopping centres. One of these centres is City Square Mall which one of Singapore’s largest mall and the first eco-friendly mall.
Uptown @ Farrer Near to Farrer Park MRT Station Balestier Road
Uptown @ Farrer will be accessible via Farrer Park mass rapid transit. The MRT connects to other parts Singapore such as Chinatown, Boon Keng, Vivocity, Potong Pasir, and Dhoby Ghaut. There are several buses along Serangoon Road, Perumal Road, Race Course Road as well as Balestier Road. Central Expressway (CTE) can be used by owners traveling to the city.
The condo is nearby superior healthcare facilities such as Farrer Park Hospital and KK Women’s & Children Hospital.
Schools nearby include:
Farrer Park Primary School
Stamford Primary School
Bendemeer Primary School
Hong Wen School
St. Margaret’s Primary School
St. Joseph’s Institution Junior