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.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia