Kampong Java Bid by Chip Eng Seng
• The bidders and their bid value
Kampong Java is a residential parcel of land that was 125,326 sq ft. The tender for the sale of this piece of land attracted seven bidders and was closed on 15th January 2019. The companies that bid for the tender, apart from Chip Eng Seng, lowest to the highest bid included;
• Grand Cullinan Pte. Ltd whose bid was $ 321,823,399;
• Interpid Investments Pte. Ltd. & Garden Estates Pte. Ltd – $ 360,000,000;
• Coli (Singapore) Pte. Ltd & CSC Land Group (Singapore) Pte. Ltd – $ 380, 168,000;
• Sing Champion Pte. Ltd – $ 403,000,000;
• MCC Land (Singapore) Pte. Ltd and Greatview Investment Pte. Ltd – $ 407,900,000;
• GLL D Pte. Ltd – $ 417,236,000;
Highest Bidder from CELH Development by Chip Eng Seng for Kampong Java Road
The highest bidder was the CELH Development which is a subsidiary of the Chip Eng Seng Corp. Chip Eng Seng Corp is listed in Singapore as a construction and property developer. Chip Eng Seng’s bid was $ 418.8 million for the asset. This was about $ 1192 per square feet.
• Size of the land parcel and expected returns
Kampong Java site was enough to host a new private complex with about 436 units each having a floor area of 350,914 sq ft. The site had been confirmed as the first private residential land by the government and listed on the Government Land Sale (GLS).
Latest Tender Bid by Chip Eng Seng for Kampong Java Road
Collier stated that considering the bid price that was offered by Chip Eng Seng, the breakeven price of the project was expected to be at USD 1700 per square feet. The selling price of the new project was expected to be between USD 1900 to USD2000 per square feet. Collier stated that the launching of Park Colonial that took place on July 2019 led to the success of Chip Eng Seng.
• Location of Kampong Java Land
The location of any business is usually very important to its owner due to the obvious reasons for accessibility by clients or customers. It is situated in the prime district 9, close to the Newton MRT Station. This is a very prime location for the people who work at the Orchard Road, Novena Medical Cluster, and the Central Business District. This means that the new site developments will attract more investors and home buyers. The prime districts have witnessed an increase in the numbers of pieces of land that have been sold and this translates into a significant rise in the supply of new home units in such prime areas.
Kampong Java Bid by Chip Eng Seng at Newton MRT Station
The successful bid for Kampong Java residential site by the Chip Eng Seng was never a loss. As time goes by, the Company will continue increasing its revenue thanks to increased demand for house units and the ideal location of Kampong Java prime piece of land.