The location on Kampong Java Road was sold, on tender on January 15, 2019. The site covers 125,326 sq ft of land in subzone on Kallang, Singapore. There was a high expectation on Kampong Java Road purchases, but this time, hope was cut off. The site was sold for much less. Tricia Song, Director and the Head of Research at Colliers International Singapore, said: “The top bid was below our expectations, a testament to the cautious mood of the developers.” The latest development is Kopar at Newton which is by CEL Development and located near to the city.
Kopar at Newton New Development by Chip Eng Seng
We had seven bids on tender, and the highest bid was from CELH Development Pte. Ltd, a construction and property developer from Singapore ( Chip Eng Seng Corporation ). This company offered $1,192 per square feet, so the site coast $418.8 million. The second-highest bid was from GLL D Pte. Ltd. Their offer included $1,189.97 per square feet, which means that they were willing to buy this site for $417.24 million.
Other bidders were:
• MCC Land ( Singapore ) Pte Ltd and Greatview Investment Pte Ltd
• Sing Champion Pte. Ltd
• Coli ( Singapore ) Pte. Ltd and CSC Land Group ( Singapore ) Pte. Ltd
• Intrepid Investments Pte. Ltd and Garden Estates Pte. Ltd
• Grand Cullinan Pte. Ltd
CEL Development Kampong Java Road
Grand Cullinan Pte. Ltd had the lowest offer. This company offered $321,823,399 for this land parcel. Kampong Java Road site can now become an excellent place for a condo building, whit 350,914 sq ft floor area. There will be room for approx 436 units. Kampong Java Road was the first private residential land from the Confirmetn list of the government land sale, that was offered on the tender. Kopar at Newton is near to Newton Hawker Centre as well as near to the city.
Location of the site is between Keng Lee Road, Makeway Avenue and Bukit Timah Road in Singapore. Lovely area, mainly because the Novena medical cluster is very near. Kampong Java Road is also an excellent location for those who work on Orchard Road and Central Business District. New units in this area will be very significant for investors and homebuyers, primarily if they work in one of the companies nearby.
Properties Nearby Newton Road
In March 2018 freehold property Makeway View was sold for $1,626 per square feet, and this property is practically next to the Kampong Java Road. So, the low price of purchase is quite a surprise, considering that Makeway View was sold for a much higher price. Not to mention that Allgreen Properties bought Fourth Avenue GLS site for $ 1,540 per square feet or Jiak Kim Street which was acquired by Frasers Property in December 2017 for $1,733 per square feet.