The Government Land Sales Programme has initiated a new land sale in Queenstown to be put out for tender to the developers who are keen to built a new condo at the site which is located right beside Queenstown MRT Station. The winners who submitted the top bid is HY Realty for Queens Peak HY Realty who is closely linked to Hao Yuan Investment. The tender winning for Dundee Road Queens Peak Queenstown MRT is HY Realty.

The company has put in a top bid of S$483.18 million equates to S$871.14 per square foot (psf) per plot ratio which is almost 10% higher than the Allgreen Properties which suggest that HY Realty is indeed confident about the location of the development. The recent property measures as well as the government’s stand to instill qualifying charges on unsold developer units have dampen the developer’s appetite for risk given that the developers are to pay for qualifying charges for the proportionate number of units unsold in a development for Queenstown Tender.

Queenstown Estate for Tender

It was noted that the number of bids received was less than ideal. There were only 4 bids received even though the land released was a prime city fringe plot of land beside Queenstown MRT Station. Developers are concerned that there are still many unsold units around the Queenstown and Alexandra area where developments such as Principal Garden attracted less than ideal response from the developers. Queens Peak Condo is near to Ikea Alexandra and Anchorpoint.

HY Realty main owners and directors are Du Zhenzeng and partner Wen Baoguo (the owners of Hao Yuan too) are moving their company to primarily being involved in the development of city-fringe homes instead of suburban areas.

Tender Queenstown Queens Peak

A spokesman and from HY Realty indicated that they are confident in the Singapore real estate market and that the plot of land seems an ideal step for HY Realty to step into city fringe condominium development. The Group has previously concentrated on developing land plots that are outside the city or ECs and this represent a significant change in the developer’s strategy when it comes to Singapore real estate.

Analyst were quick to note that the number of bidders come as a surprise given that a Toa Payoh plot of land has garnered 14 interest and this plot of land is not near the MRT. However, for the Queenstown tender which is right next to Queenstown and closer to the city, there are only 4 bids.

Queens Peak at Dundee Road

Aside from HY Realty most of the property developers that bid to redevelop parts of the Queenstown were not too optimistic about being able to sell all of the new units that would become available. It is also noted that HY Realty has been very active in tenders in Singapore with them bidding the Jurong West Street 41 Parcel B as well as the Toa Payoh site which they didn’t managed to get the bid.