Chip Eng Seng bids $418.8 million for Kampong Java site
Top bids for Kampong Java residential site at the close of the tender on Jan 15
A subsidiary of Chip Eng Seng Corp was the highest bidder for the 125,326 square feet Government Land Sale (GLS) site at Kampong Java Road.
Chip Eng Seng bidded S$418.8 million ($1,192 psf ppr) for the GLS site. The second highest bid was by GuocoLand at S$417.24 million ($1,189.97 psf ppr).
The winning bid of $1,192 psf ppr for the Kampong Java Road GLS site is considered to be on the low side when compared with $1,733 psf ppr for the Jiak Kim Street GLS site purchased by Frasers Property.
In addition, the freehold project next to the Kampong Java Road GLS, Makeway View, was sold to Bukit Sembawang at the price of $168 million ($1,626 psf ppr) in an en bloc sale in March 2017.
Chip Eng Seng will develop a 378-unit condominium named Kopar At Newton at the the Kampong Java site, which is within 4 minutes walk to Newton MRT.
Chip Eng Seng will commence the sales of units in the Newton condo in March 2020.
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