SingHaiyi Group and Haiyi Holdings submitted the highest bid of $1.284 billion (or $1350 psf ppr) for the Dunman Road Government Land Sales (GLS) site. The site is located less than 100 metres away from Dakota MRT station, making it an attractive location for potential buyers. It is also part of the Dakota estate, with the new condominium Dunman Grand being just next to the station.
The tender for the Dunman Road GLS site drew two bids in total, with SingHaiyi Group and Haiyi Holdings’ bid being 20.3% higher than its only competition. This is not surprising given that it is in a prime location and has easy access to public transportation.
The successful bid by SingHaiyi Group and Haiyi Holdings reflects the strong demand for land in Singapore. This demand is expected to remain high due to Singapore’s continued economic growth and population expansion.
Meanwhile, SingHaiyi Group and Haiyi Holdings have also won a tender for a nearby Jalan Tembusu GLS site, which was won by CDL. The successful bids demonstrate their commitment to developing quality residential projects that will meet the needs of Singapore’s growing population.
The successful bid by SingHaiyi Group and Haiyi Holdings marks yet another milestone in Singapore’s real estate sector. This is expected to bring more investment opportunities to the country as well as create new jobs and generate economic growth.
Overview of the Dunman Road GLS Site
The Dunman Road GLS site attracted two bids, with SingHaiyi Group submitting the highest bid of $1.284 billion. The tender price translates to $1,350 psf per plot ratio for the site. The land sale was announced by the Urban Redevelopment Authority (URA) on 2 June 2022, and the closing date was 3 June 2022.
Located in Joo Chiat, the site has a total area of 938,900 sq ft and a maximum gross floor area (GFA) of 1,102,844 sq ft. It is earmarked for residential use and could potentially yield up to 570 new units. It is also located close to amenities such as East Coast Park and Parkway Parade Shopping Centre.
SingHaiyi Group submitted the highest bid of $1.284 billion for the Dunman Road GLS site, indicating strong interest from developers in this area. The company is known for its development projects such as Grandeur Park Residences and Parc Clematis, which have been well-received by homebuyers. With this acquisition, SingHaiyi Group plans to launch its newest project – Grand Dunman – in the near future.
SingHaiyi Submits Highest Bid of $1.284 Bil
SingHaiyi Group has submitted the highest bid of $1.284 billion for the government land sale (GLS) site at Dunman Road. This translates to $1350 psf per plot ratio (psf ppr). The site area measures 25,234 sqm (approximately 271,619 sqft). This bid is significantly higher than the top bid of $1.03 billion submitted for the Pine Grove (Parcel A) tender, which drew five bids.
The Dunman Road GLS site was much less popular than the Pine Grove site, with only two developers submitting bids. SingHaiyi Group’s bid was significantly higher than the other bidder, ultimately winning them the tender. The developer is estimated to be able to construct up to 1,040 units on the site.
SingHaiyi Group already has numerous developments in Singapore and around the world, including Grandeur Park Residences in Singapore and Sky Habitat in Bishan. They also have projects in Australia, Vietnam, China, and Indonesia.
The company’s success in securing this GLS tender speaks volumes about its commitment to its projects and growth in its portfolio. With this new development on Dunman Road, SingHaiyi Group is well-poised to continue its success as one of Singapore’s leading developers.
Conclusion
The conclusion of the Dunman Road GLS site tender saw SingHaiyi Group submitting the highest bid of $1.284 billion, or $1,350 psf ppr. This bid was 20.3% lower than the bid by SingHaiyi Group for the nearby Jalan Tembusu GLS site, which was won by CDL. The fact that only two bids were received for this GLS site shows the caution among developers in a challenging market environment. The latest market data from SingHaiyi (5H0) further illustrates this sentiment, with prices and cycle charts remaining generally flat over the last few months.