Another Chinese top bid for GLS site @ Hougang

A landed housing site in Hougang attracted keen interest by the close of tender in June, with the top bid coming from a group led by a Chinese developer amounting to S$75.8 million, Urban Redevelopment Authority data showed.

The 99-year leasehold site, released from the Confirmed List of the 1st half 2017 Government Land Sales (GLS) programme, sits on about 144,221 sqf that can be developed into about 50 homes. These can be conventional landed housing or strata landed housing, with a maximum building height of three storeys.

The highest out of 11 bids, coming from a group comprising Fantasia Investment (Singapore) — a unit of Hong Kong-listed Chinese developer Fantasia Holdings, and individuals Sun Renwang and Yang Xinping, translated to S$525.58 per sqf of site area — 22.2 per cent higher than the second-best bid of S$62 million from a local group comprising SingHaiyi Investments and Haiyi Wealth.

The site’s positive attributes, such as its location within a landed enclave and its proximity to the Hougang MRT Station, attracted much interest from developers.

Chinese developers have been making headlines in Singapore’s housing market lately by sending in the top bids and set records in both GLS tenders and the collective sale market. Last month, Nanshan Group and Logan Property submitted the winning bid above S$1 billion for a land parcel in Stirling Road, the first time that a purely residential site on the GLS programme has exceeded that price quantum.

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