The tender for a mixed-use commercial and residential site located at
the junction of Yishun Ring Road and Yishun Avenue 9 closed on Jan 24
with 13 bids received. The highest bid of $212.1 million or $794 psf per
plot ratio (ppr) came from CEL Property, a unit of listed construction
group, Chip Eng Seng.
This is considered the first private residential project in the
proximity of Yishun MRT station. The land area of the 99-year leasehold
site is 95,351 sq ft, with a maximum gross floor area (GFA) of 266,982
sq ft. Chip Eng Seng is proposing to develop a condominium project with a
mix of studio, and one- to four-bedroom apartments, as well as a two-
to three-level retail podium on the site, according to a statement
submitted on SGX.
As Northpoint is the only shopping mall in the area, “the level of
interest was within expectation,” says Desmond Sim, associate director
of CBRE Research. He sees the site as “a pre-cursor” to the next
mixed-use site to be launched for sale in June, and located at the
current Yishun Bus Interchange. So far, mixed-use sites like The
Hillier, The Greenwich and Bedok Residences have enjoyed success.
CBRE’s Sim estimates the selling price of new residential units on
the Yishun Ring Road site to be around $900 psf. While Chip Eng Seng
hasn’t announced whether it has plans to sub-divide the commercial
podium into strata-titled shop or F&B units for sale, based on its
bid price for the land, CBRE’s Sim reckons that such units could fetch
around $3,000 psf to $4,000 psf.
Incidentally, on Monday [Jan 21], CEL Development launched Alexandra
Central, and successfully sold 114 of a total of 116 strata shop and
F&B units on its first day of public preview at prices in the range
of $5,000 psf to $8,000 psf. Alexandra Central is a mixed-use project
with a 450-hotel sitting on a three-storey commercial podium.
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