Eco World Development (S) Pte. Ltd. has emerged as the top bidder for a land site at Lorong Puntong/Sin Ming Avenue, following the tender closure by the Urban Redevelopment Authority (URA). The site, which can accommodate approximately 140 residential units, attracted seven bids, with Eco World offering S$208.099m, equivalent to S$1,612 per square foot per plot ratio (psf ppr). This bid was 11.1% higher than the second-highest offer from Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd., which stood at S$187.330m or S$1,451 psf ppr.
The site’s appeal is attributed to its strategic location near Ai Tong School and its proximity to Bright Hill MRT station on the Thomson-East Coast Line. This connectivity is set to improve further with the station becoming an interchange on the upcoming Cross Island Line. Additionally, residents will benefit from nearby amenities such as Thomson Plaza and various eateries along Upper Thomson Road. The site’s location near a landed housing enclave also promises unblocked views and easy access to Bishan-Ang Mo Kio Park.
According to Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, the area’s limited housing supply and strong resale prices of HDB flats in Bishan and Ang Mo Kio could drive demand. “Firm HDB resale prices could provide the necessary capital and support upgrading ambitions,” he noted. The recent success of projects like Artisan 8 and Jadescape highlights the area’s potential for capital appreciation and robust resale activity.
With only one other project, Thomson Reserve, slated for launch soon, the Sin Ming Avenue site is poised to meet the pent-up demand for private homes in the area.
