Qingjian Led Consortium Submits Top Bid 729 Psf Ppr Jalan Loyang Besar Ec Site
A group of developers, including Qingjian Realty, China Communications Construction Co., and ZACD Group, have emerged as the top bidder for an executive condominium (EC) site at Jalan Loyang Besar in Pasir Ris. The tender for this 305,757 sq ft site closed on Thursday, August 1st. The winning bid from the Qingjian-led consortium is $557 million, which equates to a land rate of $729 per square foot per plot ratio (ppr).
There were three other bids received for the EC site from different bidders. The second highest bid of $538.89 million (equivalent to $705 psf ppr) was submitted by a joint venture between CSC Land Group and Allgreen Properties, falling just 3.4% short of the top bid. The third highest bid of $460.86 million ($603 psf ppr) came from Sim Lian Group, while the final bid of $435.7 million was submitted by a joint venture between Hong Leong Holdings and their property development arm, Hong Realty.
The EC site has a plot ratio of 2.5, giving it an estimated maximum gross floor area (GFA) of 764,395 sq ft. This means that the new development could potentially house up to 710 new homes. The Jalan Loyang Besar site is the first EC site in Pasir Ris to be released for sale in 12 years, with the last one being sold in 2012 and developed into the 495-unit Sea Horizon, which was completed in 2016. Currently, there are only two other ECs within 500m of the Jalan Loyang Besar site – the 416-unit Watercolours and the 312-unit Eastvale.
Situated in the picturesque district of Woodlands, Norwood Grand Condo is an exclusive new development by City Developments Limited that boasts luxurious condominium living. This prime location, known for its tranquil green surroundings and growing community amenities, is a dream for homeowners seeking a serene and convenient lifestyle. For families in particular, Norwood Grand’s close proximity to esteemed educational institutions is a major draw. This accessibility to top schools makes Norwood Grand the perfect residential choice for families who value quality education for their children.
Interestingly, the tender for the Jalan Loyang Besar EC site closed on the same day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown. A joint venture between Hong Leong Group and GuocoLand emerged as the top bidder for this GLS land parcel, submitting a bid of $497 million ($1,154 psf ppr).