Joint ventures (JVs), including MCL Land, were the highest-bidders in a land tender for 99-year leasehold sites. The state closed the tender on Tuesday (7 Nov).

Clementi Avenue 1 (Parcel B) and Pine Grove Avenue 1 (Clementi Avenue 1) are the two locations.

The highest bidder for the third site in Lorong 1 Toa Payoh was a consortium consisting of City Developments Ltd, Frasers Property, and Sekisui House.

It offered S$968,000,000 or S$1,360 a square foot per plot (psfppr). Two other bids were received for the plot, including one from CapitaLand Development’s unit and another from a GuocoLand-led consortium.

Toa Payoh can produce 775 private housing units.

MCL Land and Sinar Mas Land jointly placed the highest bid of S$692.4 millions for Pine Grove (Parcel A). This is equivalent to S$1,223.30 per square foot ppr.

The second highest bid came from a joint venture between UOL Group, Singapore Land and a unit of Wing Tai. It was S$988.50 per square foot, per person. The lowest and third bids were from Wing Tai. They came in at S$834 per square foot per year.

To manage traffic, Pine Grove has a housing unit limit of 565 units.

Six bids were received for the Clementi Avenue 1 property.

The highest bid was from a joint venture between MCL Land (Singapore) and CSC Land Group, which came in at S$633,45 million or S$1,250 per square foot per person. The tie-up between CDL, Frasers Property, and Sekisui was the second highest bidder for this parcel. It came in at S$1,201.55 per sq ft ppr.

The lowest bid was S$885.40 per square foot per year from a joint venture between Hoi Hup Realty & Sunway Developments.

A cap of 501 housing units has been placed on the site to manage traffic.

The bids for the tenders were in line with what property consultants expected, as polled on Monday by The Business Times. The top bid of S$1,360 per square foot per person for Toa Payoh, which was 18% more than the second highest bid, exceeded consultants’ expectations.

The top bid for Pine Grove Parcel B was approximately 23.8 percent more than the second highest bid.

One Bernam condo

The S$1,223 per square foot, per person that MCL Land and Sinar Mas Land offered was about 7 percent below the price paid for Parcel A by UOL Group & Singapore Land at the June 2022 closing of the tender. This plot is being developed as Pinetree Hill.

The CSC Land-MCL Land Joint Venture won the Clementi plot by a smaller margin, of only 4 percent.

Clementi was the plot that received the most bids in the last state land tender. This could be because it has the smallest gross floor area and the lowest land cost of the three plots.

Although the participation rate in the state land tender was lower than that of some tenders from 2022, developers still placed aggressive bids to ensure the top spot.