The Kampong Java is a subzone that is located within the area of planning for Kallang, Singapore. This is clearly described by the Urban Redevelopment Authority (URA). It has the Central Expressway (CTE) to the west and Balestier Road to the north making it easily accessible.
Kampong Java Road Tender by URA
On the 15th of January, the tender for the residential site at the Kampong Java Road was finally brought to an end. The residential site was approximately 125,326 square feet. At the closing of the tender, a total of seven bids had been submitted. The highest bidder was CELH Development which is a Singaporean unit that has been registered as a property and construction developer with the Chip Eng Seng Corp. The bid was of about 418.8 million dollars which translates to a $1,192 per square feet ppr. The second top bidder was from Guocoland with an amount of 417.24 million dollars. This translates to $1,189.97 per square feet ppr.
Chip Eng Seng Top Bid for Newton MRT Station Site
The Kampong java site has a floor area of 350,914 square feet which is the maximum gross. This makes the site ideal for the development of a new 436 unit’s private condominium. The government land sale (GLS) list confirmed the Kampong java site as the first residential land that was private. After the size guidelines for the minimum average unit was announced in October the site was put up for launch. In regards to the expectations of many people, the top bid was considered to be very low. This was in comparison to the bids for the Fourth Avenue GLS site and the Frasers property.
In regards to the Chip Eng Seng bid price, Colliers Song calculated the breakeven price at 1,700 dollars per square feet while the selling price calculated at 1,900 dollars to 2,000 dollars per square feet for the upcoming project. Chip Eng Seng is considered very ready to restock its land bank after the successful launching of Park Colonial in July.
Kampong Java Road Located at District 9 Singapore
The Kampong java site is a land parcel that is found within district 9 and is very close to the Newton MRT station. According to Lee Nai Jia who is a senior director and head of research at the Knight Frank Singapore, its location is ideal for all workers in the Orchard road, the Central business district and the Novena medical cluster. The new construction on the Kampong java site is expected to be pleasing to potential investors and homebuyers.
Meanwhile, Ong Teck Hui who is a senior director for research and consultancy at JLL explains that there has been a significant increase in new units in the above areas. This has largely been contributed by the increased land sales over the past two years in the prime districts.