Lorong Puntong URA Land Sale Released
According to the latest news on the real estate front regarding Lorong Puntong land sale, Nanshan Group Singapore Co. Pte Ltd have emerged as the highest tenderer with a tendered sale price of $173,570,000 ($PSM of GFA is 7,869.51). The Lorong Pontong land parcel was opened for bidding on 18th August 2014 under 2H2014 GLS (2nd half 2014 Government Land Sales) programme and was closed on 8th October 2014.
The land lease period for Lor Pontong is 99 years leasehold and its site area is 10,502.8 m2. With a permissible gross floor area of 22,056 m2, this residential project can have a maximum building height of 4 storeys and part 79 metres to 83 metres above mean seal level and can yield about 900 residential units.
The Urban Redevelopment Authority (URA) of Singapore in its 8th October 2014 press release has clarified that the announcement of the tender award will be made later after the evaluation of the tender bids. Meanwhile, it has released the list of all the tenderers with their tendered prices and it is most likely that Nanshan Group will receive the project.
Lorong Puntong Condo is going to be Nanshan Group’s maiden condo project in Singapore and they are gearing to go for it. Their aggressive strategy is well highlighted in their strategic tender bid which has left behind seasoned players like SL Capital Ventures Pte Ltd and Sing Holdings Limited and Maxdin Pte Ltd with a tendered sale price of $161,889,000 ($PSM of GFA is 7,339.91) and $161,800,000 ($PSM of GFA is 7,335.87) respectively.
It seems there could not have been a better land parcel for the development of Nanshan Group’s maiden condo project other than Lorong Pontong. With its easy access via major arterial roads like Upper Thomson Road and Marymount Road (via Sin Ming Avenue) and under-construction MRT Stations like Bright Hill and Upper Thomson, Lorong Pontong offers an avenue of opportunities for its future home buyers and investors.
Being close to schools like Peirce Secondary School, Bishan Park Secondary School and Ai Tong School (under-construction) and various entertainments, dining and shopping options at Thomson Plaza, the land parcel at Lorong Pontong when fully developed would offer a variety of amenities to its prospective residents.
Not to forget the highlight of this land parcel is its proximity to the massive green areas along Ang Mo Kio Avenue 1, which is within a few minutes’ drive from here. Other recreational facilities include Lower Pierce Reservoir and Park, Singapore Island Country Club and Bishan Park.
Thus, Lorong Pontong will surely prove to be an asset to its developers and it is only a matter of time before it is publicly disclosed as to who gets to develop it.