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Wheelock unit puts in highest bid for Ang Mo Kio site

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A wheelock Properties (Singapore) unit, Pinehill Investments, has put in the highest bid of $789.89 per square foot per plot ratio (psf ppr) for a private residential site at Ang Mo Kio Avenue 2.

Demand was strong for the 99-year leasehold site with 12 bids put in, which included some big name developers.

"We see great potential in this choice site being next to St Nicholas Girls' School and the future Mayflower MRT station," said Tan Bee Kim, senior executive director at Wheelock Properties (Singapore).

Should Wheelock be awarded the Ang Mo Kio site, it will be just the developer's third development in the suburbs, after Parc Oasis and the Sea View. It will also just be Wheelock's second non-freehold property after Parc Oasis.

Wheelock's bid translated to an absolute sum of just over $550 million, compared with the second highest offer of $536.2 million, or $770.08 psf ppr, from CapitaLand unit Athens Residential Development.

Other top bidders included Bayfront Land (a tie-up between Aspial Corporation and Fragrance Group); Keppel Land unit Acresvale Investment; and a tie-up involving units of City Developments Limited and Hong Leong Group: Intrepid Investments, Verwood Holdings and Hong Realty.

The number of bidders was within the range of seven to 15 bids predicted by analysts earlier.

However, the price was notably higher than the range of $560 to $650 psf ppr they put forth then.

Eugene Lim, key executive officer at ERA Realty, said the Ang Mo Kio Avenue 2 development will influence the prices of properties in the area.

Analysts expect breakeven prices of between $1,180 and $1,300 per square foot (psf), and selling prices of between $1,350 and $1,600 psf.

Credit from Business Times - 9 January 2013
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