Noel Gifts Wins Tender Upp East Coast Plot Elite Park Ave 395 Mil
residential
Noel Gifts International, a publicly-listed company in Singapore known for its hampers, flowers, and gift services, has recently announced that its subsidiary, Noel Property Development Pte Ltd, has been awarded a tender for a freehold land parcel in Jalan Jamal and Elite Park Avenue, located off Upper East Coast Road.
Measuring at 3,301 sqm (35,532 sq ft) and with dimensions of 45m by 58m, the freehold land parcel was put up for sale by the marketing agent, ETC, on February 18 with an asking price of $38 million ($1,070 psf). Noel Property Development won the site with a bid of $39.5 million ($1,112 psf), which is about 3.95% higher than the asking price. The company plans to develop and design a mixed-landed development comprising of nine three-storey houses on the site.
“We are delighted to have been chosen for this prime development opportunity in District 15,” says Noel Gifts International’s general manager of corporate development, Kenneth Wong.
The tender for this site was highly competitive, with close to 10 bids received, according to ETC’s head of investment advisory, Swee Shou Fern. This is a testament to the strong potential and value of the site. Swee adds that the vacant plot is regular in shape, giving the developer the freedom to design a unique landed housing project. He also points out the potential of the district, noting that landed home prices in the area have charted a compounded annual growth rate (CAGR) of 5.2% from 2015 to 2024, outpacing the 4.3% CAGR for landed homes islandwide during the same period.
In November 2023, Noel Gifts International sold its strata-holding in Noel Building at 50 Playfair Road for $81.18 million in an en bloc deal brokered by ETC, which was then also the marketing agent. This was 17% higher than the guide price of $70 million. The eight-storey freehold building, located at the corner of Playfair Road and Harper Road, was purchased by a consortium led by Apex Asia Development. The former Noel Building is currently being redeveloped into Food Point Tai Seng, a 12-storey, strata-titled freehold food factory with ramp-up access to each level. Interested buyers can check out listings for landed properties and previous landed sale transactions and rental transactions for reference.
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Land betterment charges have also increased by 3-4% for landed residential properties and 0.3% for non-landed residential properties. For more information on property transactions and listings, you can visit Ask Buddy, a reliable source for the latest property news and trends.