Avenue South Residence sits on a Government land tender site for Silat Avenue which was successfully won by a joint venture between UOL, UIC & Kheng Leong. Their sole bid on 26 April 2018 for $1.035 billion ($1,138 psf per plot ratio (ppr)) secured them the site.
Brief information on Avenue South Residence below:
Avenue South Residence Brief info
|Project :||Avenue South Residence|
|Address :||1-13 Silat Avenue, Singapore|
|Type :||Highrise Residential|
|# of Units :||1,074 units|
|Tenure :||Leasehold 99yrs|
|Eligibility :||All Nationalities|
|T.O.P Date :||est May 2023|
|Site Area :||approx 249,975 sqft|
|Developer :||UOL, Kheng Leong & UIC|
|Architect :||ADDP Architect|
|Unit Mix :|
Heritage Collection (86 units):
Horizon and Peak Collection (988 units):
Fast forward 2019. The site will be transformed into a majestic 56-storey twin tower and 5 conserved heritage low rise 4-storey blocks.
There will be a total of 1,074 residential units, childcare centres and 8 commercial units. The residential units consists of 1-4 bedroom type and will command spectacular sea view towards Sentosa, the southern islands and beyond.
Grab your 1st mover advantage at this premier Greater Southern Waterfront location of Avenue South Residence
The very centralised location of Avenue South Residence at Silat Avenue will appeal to all. You’re just mere minutes to the Marina South CBD and Orchard Road. Slightly further south, you have Vivo City and the famed Universal Studio in Sentosa Island.
According to URA 2019 Draft Masterplan, Avenue South Residence is zoned within the Greater Southern Waterfront which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast.
Development of the Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
Flanked by expressways like the CTE, AYE, MCE, West Coast Highway, residents of Avenue South Residence travelling to other parts of the island will be a breeze.
The Future is RIGHT AROUND THE CORNER
You are literally doorsteps to the 24km Rail Corridor of lush nature that stretches from the the heart of the city all the way to the North of Singapore.
Aside to above, a stone’s throw away will be the Asia’s medical gateway, Outram Medical Campus. It will be Singapore largest medical campus when completed.
The integrated resorts at Sentosa and Marina Bay Sands and the Orchard Road shopping belt, all less than 10 minutes away, offers abundant opportunities for entertainment, luxury retail and international dining experiences.
North View - Avenue South Residence
South View - Avenue South Residence
CREATING VALUE, SHAPING FUTURE
UOL is one of Singapore’s leading public-listed property companies with an extensive portfolio of development and investment properties, hotels and serviced suites.
UOL strongly believes in delivering product excellence and quality service in all our business ventures. Our list of property development projects includes residential units, office towers and shopping malls, hotels and serviced duties. UOL, through our hotel subsidiary Pan Pacific Hotels Group Limited (PPHG), owns and/or manages over 30 hotels, resorts and serviced suites in Asia, Oceania and North America under two acclaimed brands, namely “Pan Pacific” and PARKROYAL.
Our unwavering commitment to architectural and quality excellence is reflected in all our developments, winning us prestigious awards such as the FIABCI Prix d’Excellence Design Award.
As we stay true to our core values, building on Passion, Innovation, Enterprise, Corporate Social Responsibility and People, we continue to leverage our strengths to create long-term value for our stakeholders.
United Industrial Corporation Limited (UIC) was incorporated in Singapore in 1963 as a private company and was listed as a public company in 1971.
The core business of the Group is property development and investment and with the acquisition of the majority equity of Singapore Land Limited, a well-established property company in 1990, the Group became a major real estate developer with a portfolio of 2.5 million sq ft of office space and 1 million sq ft of retail premise in Singapore.
The Group’s property portfolio includes some of Singapore’s best known commercial and retail landmarks as well as residential projects in prime and suburban areas. Overseas investments include properties in Shanghai, Beijing and Tianjin, China and London, UK.
Singapore Land Limited
Singapore Land Limited (“SingLand”) was incorporated in 1963 as the first public listed property company. As one of Singapore’s largest property organisation, SingLand is synonymous with premier property developments. SingLand has about 2.2 million square feet of office space and nearly 1 million square feet of retail space across Singapore. These include Singapore Land Tower, Clifford Centre, SGX Centre, The Gateway, ABACUS Plaza and Tampines Plaza, West Mall, as well as Marina Square.
In 1990, the Company was taken over by United Industrial Corporation (“UIC”) Limited. Today, SingLand, together with parent company UIC Limited, is one of Singapore’s largest property groups. Since its inception, SingLand has played a crucial role in shaping Singapore’s built environment.
SingLand has been delisted from the Singapore Stock Exchange with effect from 25 August 2014 and remains a public non-listed company.
UIC Asian Computer Services Pte Ltd
UIC Asian Computer Services Pte Ltd was incorporated in 1982. Its core business is in the provision of premium Systems Integration, IT Services, Payroll software, HR Outsourcing Services to customers in Financial Services, Education, Healthcare, Manufacturing, and the Public sectors.
Marina Centre Holdings Pte Ltd
Marina Centre Holdings Pte Ltd was incorporated in 1979. It owns and operates the Marina Square Shopping Mall that is located in the heart of the shopping, dining, entertainment and cultural hub of the vibrant Marina Centre of Marina Bay. It is accessible by the City Hall, Esplanade and Promenade MRT stations.
Silat Avenue GLS site receives sole bid of $1.035 billion
The tender for Silat Avenue government land site closed on April 26 with just one bid. The sole bid of $1.035 billion or $1,138 psf per plot ratio (ppr) came from Singapore-listed UOL Group in a joint venture with sister companies, United Industrial Corp and Kheng Leong Company.
The 245,975 sq ft government land site at Silat Avenue, is located just off Kampong Bahru Road, and has the potential to yield an estimated 1,125 residential units. “Developers tend to be cautious when it comes to bidding for sites with more than 1,000 residential units,” notes Desmond Sim, CBRE head of research for Singapore and South East Asia.
The absence of other major developers in the Silat Avenue tender is also indicative that their attention had been diverted elsewhere, namely to the Holland Road GLS site, says Sim. At the close of the Holland Road GLS residential-and-commercial site a month ago, 15 bids were received, with many major developers submitting multiple bids.
The Holland Road GLS tender is a two-envelop system, with the first envelope based on design submissions and the second, on bid price. The design presentations were made last week, says Sim. “Those who had bid for the Holland Road site would therefore abstain from bidding for the Silat Avenue site, because what would happen if they were to win both sites, and they are both big sites?”
Ong Teck Hui, JLL national director of research and consultancy says it’s not just the huge capital outlay, but the presence of five existing conserved buildings on the site that have to be retained and restored. This in turn could pose some constraints, he adds.
Based on this bid of $1,138 psf ppr, Tricia Song, Colliers International head of research for Singapore estimates a breakeven of $1,600 psf ppr, and selling price of the new project to be in the range of $1,800 to $1,900 psf.
Mattar Road GLS site draws 10 bids
Due to its palatable size (250 homes) and proximity to Mattar MRT station, the Mattar Road site tender drew the most number of bids, says Tricia Song, Colliers International head of research for Singapore. It attracted 10 bidders, which included a mix of big and smaller developers.
The top bid of $223 million or $1,109 psf per plot ratio (ppr) came from a consortium made up of three listed construction and property companies, namely Hock Lian Seng Holdings, Keong Hong Holdings and TA Corp. Based on the bid price, the breakeven is expected to be around $1,600 psf ppr, and selling price in the range of $1,750 to $1,800 psf.
The price for the site is higher than expected, says Ong Teck Hui, JLL national director of research & consultancy. The narrow margin of 5.5% among the top five bidders shows how keen competition was among them, he says.
The main attraction of the site is its proximity to Mattar MRT station on the Downtown Line, which provides easy connection to the city and other areas, adds Ong. “The keen bidding for the Cuscaden Road and Mattar Road land parcels tells us that demand for attractive residential sites is still buoyant. With such keen demand for sites, the en bloc market is likely to stay firm as it continues to be the main source of residential land supply over GLS. “