Kheng Leong And Low Keng Huat Submit Top Bid 793 Psf Canberra Crescent Gls Site
Kheng Leong and Low Keng Huat have jointly emerged as the top bidder for a government land sale (GLS) site at Canberra Crescent, with a bid of $279 million. This translates to a land rate of $793 psf per plot ratio (PPR).
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The tender for the 219,985 sq ft site closed on July 18, and a total of three bids were received.
The second highest bid was placed by a consortium of companies, comprising Santarli Realty, Apex Asia Real Estate Holdings, BHCC Construction, and Heeton Land, with an offer of $275.09 million.
Meanwhile, the third bid came from GuocoLand, with a bid of $228.77 million for the GLS site.
Located at the junction of Canberra Street and Canberra Crescent in District 27, the GLS site has a gross plot ratio of 1.6 and is expected to yield up to 375 residential units. The site is strategically situated near Bukit Canberra, an integrated sports and community hub that boasts amenities such as a hawker centre, swimming pool, and indoor sports hall.
Interestingly, the top bid for this GLS site at $279 million is considerably higher than the $129.2 million ($644 psf ppr) bid submitted by JBE Holdings for a 143,326 sq ft site along Canberra Drive in 2020. This site is now being developed into a 219-unit project, The Commodore, which was launched in November 2021. The development was fully sold in June 2023, with an average selling price of about $1,400 psf.
Adjacent to The Commodore is another GLS site on Canberra Drive, which is being developed into Watergardens at Canberra, a 448-unit project by UOL Group. UOL was awarded the 296,722 sq ft plot in 2020, with a winning bid of $270.2 million ($650 psf ppr). Watergardens at Canberra was launched in August 2021 and was fully sold out by March 2023, with an average selling price of $1,686 psf.
Interestingly, no bids were received for a GLS site on Upper Thomson Road, indicating that developers are still cautious in their bidding for sites amid the ongoing market uncertainties.