Serangoon North site lures highest bid at $446.3m

A JV between Keppel Land and Wing Tai Land won.

A joint venture between Keppel Land and Wing Tai Land Pte Ltd made a $466.3m bid for 1.7-hectare site Serangoon North Avenue 1.

The $965 per square foot (psf) bid joined the total $1b investment towards Serangoon Gardens over three days. The Oxley consortium injected $499m for Serangoon Ville, opposite the North site.

A report from DBS Equity Research said that the bid won against 15 other bidders with a tight winning margin of 7%.

DBS head analysts Rachel Tan and Derek Tan said, "We continue to see optimism in the land bids, both for GLS and en bloc sites as developers compete to replenish their landbank and ride on a turn in the sentiment on Singapore’s property market."

According to a Keppel Land press release, the venture plans to develop 600 homes on the site. The leasehold will last for 99 years.

The site is a five-minute drive from Serangoon MRT interchange station, which connects the North-East Line and Circle Line.