Chip Eng Seng bids $418.8 million for Kampong Java site

The Kampong Java residential site drew seven bids at the close of its tender (Credit: URA)

Top bids for Kampong Java residential site at the close of the tender on Jan 15

Source: URA

A subsidiary of construction firm Chip Eng Seng Corp won the bid for the Government Land Sale (GLS) at Kampong Java Road.

The GLS at Kampong Java Road was for a residential site with a land area of 125,326 square feet. The site is within 4 minutes walk to Newton MRT.

Among the seven bids for the GLS, Chip Eng Seng submitted the highest bid at S$418.8 million ($1,192 psf ppr), followed by GuocoLand at S$417.24 million ($1,189.97 psf ppr).

Given the maximum gross floor area of 350,914 square feet, Chip Eng Seng can develop the site into a new condo up to 436 units.

The winning bid of $1,192 psf ppr for the Kampong Java Road site is considered low when compared with $1,733 psf ppr for the Jiak Kim Street GLS site purchased by Frasers Property, and $1,540 psf ppr paid for the Fourth Avenue GLS site by Allgreen Properties in December 2017.

In addition, the freehold project next to the Kampong Java Road GLS, Makeway View, was sold for $168 million ($1,626 psf ppr) in an en bloc sale in March 2017. The developer who bought Makeway View was Bukit Sembawang.

Chip Eng Seng, which is currently also marketing Park Colonial, Parc Komo and Grandeur Park Residences, will develop the Kampong Java site into a 378-unit condo named Kopar At Newton.

Chip Eng Seng will launch the Newton condo in March 2020.



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