Senja Close EC™

A winning bid of $524.3 million, equivalent to $1,338 per square foot per plot ratio (psf ppr), was submitted by UOL Group, Singapore Land Group (SingLand), and Kheng Leong for the property located at Dorsett Road. This government land sale (GLS) opportunity closed on October 9, after attracting nine different bids.According to a joint statement issued by the developers following the close of the tender, the project will be a 60:20:20 joint venture between UOL, SingLand, and Kheng Leong. Upon being awarded the site, the consortium plans to develop it into a 428-unit project consisting of two 27-storey residential towers.Shirley Ng, UOL’s Chief Investment and Asset Officer, shared that the central location of the site, as well as its exclusiveness as the only property sitting within the fringe of Singapore’s Core Central Region (CCR), were key factors that made it highly desirable. Other draws for bidders included its close proximity to Farrer Park MRT station and its location within 1km of St. Joseph Institution Junior and Hong Wen School.Additionally, this residential site attracted a great deal of attention, with nine different bids being placed in total. The next highest of these bids, submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings, and Wee Hur Holdings, came in at $518.88 million (equivalent to $1,324 psf ppr). This offer was followed by a bid of $515.18 million (equivalent to $1,315 psf ppr) from Hoi Hup.The fact that this government land tender elicited such a high level of response from developers points to an increased level of confidence from them. This is supported by healthy sales figures for recent new launches, in addition to the site’s appealing location, as noted by ERA Singapore’s CEO, Marcus Chu.The bidding activity in question also suggests that developers believe the demand for new property projects within the city fringe area will remain at a steady level, according to Mohan Sandrasegeran, who serves as Head of Research and Data Analytics at SRI.The site in question is located in the Rest of Central Region (RCR) in the Farrer Park neighborhood. It is within walking distance of the North-East Line’s Farrer Park MRT station. Residents will have easy access to a range of great amenities, including City Square Mall, Piccadilly Galleria, and Mustafa Centre. Additionally, there are several primary schools nearby such as Farrer Park Primary School and St. Joseph’s Institution Junior, as well as Hong Wen School.The most recent new launch in the area was the 407-unit Piccadilly Grand, a joint venture between City Developments (CDL) and MCL Land. They launched this particular project in May of 2022, and it was fully sold by December of 2023. The average sales price for a unit at Piccadilly Grand was $2,114 psf.In July of this year, a 1,087 sq ft unit with three bedrooms at Piccadilly Grand was sub-sold for $2.7 million (equivalent to $2,484 psf) based on caveats lodged. This particular unit had been purchased from the developer in May of 2022 for $2.292 million (equivalent to $2,108 psf), representing a price increase of 17.8% after just three years of ownership.The government has not released any substantial residential land within the Farrer Park area in nearly four years. The previous plot was on Northumberland Road, and that has been transformed into the development known as Piccadilly Grand. Chu notes that this level of scarcity indicates a clear chance for developers to take advantage of pent-up demand for medium or large-sized residential projects.Moreover, the strong performance that recent new launches have seen has led to an increased sense of urgency for certain developers to replenish their property land.Huttons Asia’s CEO, Mark Yip, notes that the most recent projects launched by both UOL Group and SingLand have clearly benefitted from a heightened level of enthusiasm in the new launch market. These two developers, who are also part of a consortium with CapitaLand Development and Kheng Leong Co., introduced the 666-unit Skye at Holland on September 26th. This project in Holland Village has been oversubscribed 3.2 times, with developers receiving more than 2,150 cheques ahead of the project’s sales launch on October 11. Price points for the units at Skye at Holland are expected to start at $2,598 psf.UOL Group and SingLand have also successfully sold more than 67% of the units at UPPERHOUSE at Orchard Boulevard since launching this ultra-luxury project, which consists of 301 units, in July. They are also the forces behind the 1,193-unit Parktown Residence, which debuted in February and has seen more than 90% of its units sold.Era estimates that the forthcoming development at Dorset Road will likely see sales prices ranging between $2,650 to $2,750 psf.

A new executive condominium, known as Senja Residences, is set to enhance the landscape of Senja Close in District 23 with its 99 years leasehold tenure. With a total of 300 units spread over 18 storeys, this development offers a variety of living options including 3 and four-bedroom standard apartments, dual key units, and penthouses. Estimated to be completed in 2028, prospective residents can look forward to a modern and well-equipped living experience at Senja Residences. To learn more about this exciting development, visit senja close ec gls.