The Housing and Development Board (HDB) had received twelve bids from property developers for a land tender at former cemetery site at Bidadari injecting life and rejuvenation into the area. The site with area of 273,842 square feet is a mixed development with both the commercial and residential elements incorporated.
Singapore Press Holdings (SPH) and Kajima Development had jointly bid successfully for this site with its bid being $1.132 billion and this exorbitant price translates to $1,181 per square feet per plot ratio or psf/pr in short.
Both Far East Civil Engineering and Sekisui House are the joint second bidder with their bid at $1.118 billion. Of the eleven bidders, some are reowned and big time developers such as Capitaland, Frasers Centrepoint Limited and GuocoLand.
One important observation in this bidding exercise with keen market interest is that such highest bid coming from a local firm shows that foreign players are aggressively pushing out local developers in bidding for land for new condo development notably with the recent successful bid by foreigner developer in the Stirling Road plot for residential new condo launch development.
The actual location for the Bidadari site is along Upper Serangoon Road. This land parcel for new launch condo as well as new commercial launch of retail spaces was actually scheduled to be put on sale in December 2016 but was postponed to much later in March 2017 so as to finalise all site requirements for such comprehensive development of such scale.
This Bidadari site is offered as a ninety nine years leasehold real estate which could yield up to about eight hundred and twenty five new condominium units. This future development will also integrate social support facilities with community club and neighbourhood police station.