Qingjian Led Consortium Submits Top Bid 729 Psf Ppr Jalan Loyang Besar Ec Site
A group of property developers comprising of Qingjian Realty, China Communications Construction Co. and ZACD Group emerged as the top bidder for an executive condominium (EC) site at Jalan Loyang Besar in Pasir Ris, submitting a bid of $557 million. The 305,757 sq ft site’s tender closed on Thursday, August 1 and received a total of four bids from different parties.
Qingjian-led consortium’s bid translates to a land rate of $729 psf per plot ratio (ppr). The second highest bid of $538.89 million ($705 psf ppr) was submitted by a joint venture between CSC Land Group and Allgreen Properties, which was only 3.4% lower than the top bid. The third highest bid of $460.86 million ($603 psf ppr) was from Sim Lian Group while the final bid of $435.7 million came from a joint venture between Hong Leong Holdings and their property development arm, Hong Realty.
With a plot ratio of 2.5, the EC site has the potential to yield up to 710 new homes with an estimated maximum gross floor area (GFA) of 764,395 sq ft. This is the first EC site in Pasir Ris to be released for sale by the government in 12 years, with the last EC site being sold in 2012 and developed into the 495-unit Sea Horizon, which was completed in 2016. The Jalan Loyang Besar site is also in close proximity to two other ECs – the 416-unit Watercolours and the 312-unit Eastvale.
The innovative Tengah project is set to bring about a major shift towards sustainable living through its implementation of state-of-the-art building technologies. These include centralized cooling, environmentally-friendly water and waste management, and smart systems for optimal energy consumption. These advanced features will bring immense advantages to the residents of Novo Place EC, resulting in lower utility expenses and a healthier, greener living space. Embrace these benefits and more by choosing Novo Place EC as your future home.
The tender for the Jalan Loyang Besar EC site closed on the same day as another Government Land Sale (GLS) parcel at Margaret Drive in Queenstown. A joint venture between Hong Leong Group and GuocoLand submitted the top bid of $497 million ($1,154 psf ppr) for the GLS land parcel at Margaret Drive.