The recent closure of the Kampong Java site has attracted many investors. Investors are biding for the land at varying prices, with the highest bid going for $418.8 million. Kampong Java owns over a hundred thousand square feet of the vast area. Several other companies were in demand for the Kampong Java land. For instance, Guocoland made a bid worth $417.25 million, MCC Land Pre-Limited bided 407.9 million dollars, and the lowest bid by Grand Cullinan was approximately $321 million. In total, seven firms bided for the Kampong Java site after the closure of its tender.
Highest Bid Submitted for Kampong Java Bid
CELH Development, a firm developed by Chip Eng. Seng, under the Singapore construction, acquired the land by making the highest bid. They are looking to establish numerous individually- owned condos on the site. The development Kopar at Newton is located near to Kampong Java Road. Kopar at Newton will be for sale soon right at the heart of the city.
The government recently came up with conditions that each developed unit should meet. The circumstances dictate the creation of average-sized units. Kampong Java site is the first privately-owned establishment to launch since the inception of these rules late last year. The government owns an approval list that allows developers to build up their projects. The government conditions put in place for each developed unit have threatened many investors who would have otherwise invested on the site. A lot of precision is required when building the units. Kampong Java bids were, therefore, lower than intended.
Kampong Java Bid by CELH Development
In comparison to other properties sold before the rules were in place, Kampong Java received very low bids. Sites like the Fourth Avenue site acquired by Allgreen Properties went for $1540 psf, and the Jia Kim site went for $1733 PSF. The mentioned are just a few of the highly-priced sites sold out back in 2017. According to the information provided, there has been a massive drop in prices of GLS sites,
According to the Kampong Java site, the intended sale price was $1700 psf. The cost of the new and upcoming project was set between $1900 and $ 2000 psf after their successful unveiling of Park Colonial, Chip Eng. Seng is now prepared to restore its landbank.
Kampong Java at Newton MRT Station
The Kampong Java site is situated near Newton MRT Station and in district nine, making it easily accessible. The senior director of Knight Frank Singapore states due to its positioning; it gives access to those in CBD, Novena Medical cluster, and Orchard road. The upcoming construction is, therefore, intended to attract not only real estate agents but also homeowners. Prime districts have sold out numerous properties in the past years; accordingly, there is a demand for new apartment units in the area.