Chip Eng Seng bids $418.8 million for Kampong Java site

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

Among the seven bids for the 125,326 square feet GLS site, 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).

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 to Bukit Sembawang at the price of $168 million ($1,626 psf ppr) in an en bloc sale in March 2017.

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 condominium named Kopar At Newton. The new condo is within 4 minutes walk to Newton MRT.

The sales of units in the Newton condo will commence in March 2020.