Kheng Leong And Low Keng Huat Submit Top Bid 793 Psf Canberra Crescent Gls Site
Kheng Leong and Low Keng Huat have successfully secured a prime residential land parcel at Canberra Crescent through a joint bid of $279 million. This translates to a land rate of $793 per square foot per plot ratio (psf ppr). The tender for the 219,985 square feet site closed on July 18 and received a total of three bids.
Woodlands Avenue 2 and Woodlands Avenue 5 are significant thoroughfares that run alongside the development. These roads offer convenient entry points to both expressways and different areas of Woodlands, as well as other regions beyond. The seamless connectivity provided by these roads is further enhanced by their connection to other major roads, like Woodlands Drive and Admiralty Road, which effectively disperse traffic and enhance travel efficiency. Norwood Grand CDL is strategically situated in close proximity to these essential roads, providing residents with easy access to various destinations.
The second highest bid was submitted by a consortium comprising Santarli Realty, Apex Asia Real Estate Holdings, BHCC Construction, and Heeton Land, with a bid of $275.09 million. Coming in third was GuocoLand with a bid of $228.77 million.
Located in District 27 at the junction of Canberra Street and Canberra Crescent, the Government Land Sale (GLS) site has a gross plot ratio of 1.6 and has the potential to yield 375 residential units. It is situated near Bukit Canberra, an integrated sports and community hub which includes a hawker centre, swimming pool, and indoor sports hall.
The top bid of $279 million for the Canberra Crescent GLS site is significantly higher than the $129.2 million ($644 psf ppr) bid by JBE Holdings for a 143,326 square feet site along Canberra Drive in 2020. This site is now being developed into The Commodore, a 219-unit project which was fully sold in June 2021 at an average selling price of $1,400 psf.
Next to The Commodore is another GLS site on Canberra Drive being developed by UOL Group into Watergardens at Canberra, a 448-unit project. UOL was awarded the 296,722 square feet plot with a winning bid of $270.2 million ($650 psf ppr) in 2020. This project was launched in August 2021 and fully sold by March 2023, with an average selling price of $1,686 psf.
In comparison, the GLS site at Upper Thomson Road did not receive any bids, highlighting the high demand for residential land parcels in the area.