Tender for residential site at Dundee Road located next to Queenstown MRT station closed on 23 June 2015. The land parcel at Dundee Road has been awarded to top bidder HY Realty, subsidiary of Chinese developer Hao Yuan Investment, at S$483.2 million on 30 June 2015. This land parcel attracted a total of 9 bidders. With a maximum gross permissible floor area (GFA) of 51,529 square metre / 554,658.16 square feet, this works out to $871 per square foot per plot ratio (psf ppr).

1. HY Realty Wins Dundee Road Site With $483m Bid
http://www.newcondolaunchonline.com/property-news/hy-realty-wins-dundee-road-site-with-483m-bid/[6/12/2016 7:59:45 PM]
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HY Realty Wins Dundee Road Site With
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HY Realty Wins Dundee Road Site
With $483m Bid
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2. HY Realty Wins Dundee Road Site With $483m Bid
http://www.newcondolaunchonline.com/property-news/hy-realty-wins-dundee-road-site-with-483m-bid/[6/12/2016 7:59:45 PM]
Dundee Road Condo – Location
Tender for residential site at Dundee Road located next to
Queenstown MRT station closed on 23 June 2015. The land
parcel at Dundee Road has been awarded to top bidder HY
Realty, subsidiary of Chinese developer Hao Yuan Investment, at
S$483.2 million on 30 June 2015. This land parcel attracted a total
of 9 bidders. With a maximum gross permissible floor area (GFA)
of 51,529 square metre / 554,658.16 square feet, this works out to
$871 per square foot per plot ratio (psf ppr).
The 99-year leasehold site with a land size of 10,516.1 square
metre / 113,195.30 square feet is able to yield an estimated 645
private residential units.
HY Realty’s top bid is 8% higher than the 2nd-highest bidder,
Allgreen Properties at $803.95 psf ppr and 10.4% more than
conglomerate Hong Leong Holdings, CDL and Hong Realty at
$780.26 psf ppr bid. The lowest bid was offered by Cheung Kong
Holdings’ subsidiary Japura Development at $506.63 psf ppr. The
offer by HY Realty reflects the potential in the mature Queenstown
estate as the site is close to a plethora of amenities and is
strategically situated next to the Queenstown MRT station.
This Dundee Road site at $871 psf ppr is 1.38% lower than
Commonwealth Towers, an adjacent new condo launch, at $883
psf ppr.
Within the same district 3 in Alexandra, another developer who
managed to purchase a land parcel at a most attractive bid a year
before in 2014 is UOL. UOL bought its Prince Charles Crescent
Parcel B Tender site at $821 psf ppr and new launch Principal
Garden will stand tall at this site. Potential buyers have a choice of
having the serene Alexandra Park Connector view or the Good
Class Bungalow cum Botanic Garden view.
According to a HY Realty spokesman, the Dundee Road site is
estimated to launch in the 1st quarter of 2016. HY Realty has
been actively participating in state tenders as it is hungry for land
and it is their intention to move away from suburban area to city-
fringe homes. The winning of the Dundee Road site is in line with
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3. HY Realty Wins Dundee Road Site With $483m Bid
http://www.newcondolaunchonline.com/property-news/hy-realty-wins-dundee-road-site-with-483m-bid/[6/12/2016 7:59:45 PM]
← High Speed Rail Services In Discussion
Siglap Road Condo site next to Victoria School →
the company’s new focus as the land parcel is in the Queenstown
Planning area, in the Central Region of Singapore.
JLL head of research for SEA Chua Yang Liang estimates that the
developer HY Realty may be looking at a selling price of between
$1550 to $1600 psf if taking construction cost to be between $320
and $350 psf.
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