Clementi Avenue 1 site receives top bid of $491.30m

It is the first public tender launched since the ABSD increase for residential land.

The Urban Redevelopment Authority (URA) closed the tender for a residential site at Clementi Avenue 1 with a top bid of $491.30m or $788 psf ppr from UOL Venture Investments and UIC Homes.

Offered for sale on a 99-year lease term, the public tender launched in February 2019. Five bidders currently compete for it, such as UOL Venture Investments and UIC Homes, Vesta SG Residences, Sing Properties and MCC Land, COLI and CSC Land Group, as well as CDL Constellation, Intrepid Investments and TID Residential.

The site has been the first tender since the ABSD for residential land increased. Although the top bid remains below expectations, bidding sentiments may be encouraged by UOL-UIC’s sellout of The Clement Canopy in January.

Additionally, there is a continual need for land bank shoring. The requirements of utilising PPVC on this development is in line with the developer’s expertise, as their current project, Avenue South Residence, and The Clement Canopy both adopt this construction method.

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