Noel Gifts Wins Tender Upp East Coast Plot Elite Park Ave 395 Mil
By EDC
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Singapore-based company Noel Gifts International has recently announced that its subsidiary, Noel Property Development Pte Ltd, has successfully won the tender for a freehold land parcel located at Jalan Jamal and Elite Park Avenue, just off Upper East Coast Road. The land parcel, which spans across 3,301 square meters (35,532 square feet), was put up for sale by the sole marketing agent ETC at an asking price of $38 million ($1,070 per square foot) on February 18.
Delighted by the outcome, Noel Property Development submitted a bid of $39.5 million ($1,112 per square foot), which was approximately 3.95% higher than the original asking price. The company plans to develop and design a new mixed-landed development comprising of nine three-storey houses on the site.
“The site attracted overwhelming interest, and the tender was hotly contested, attracting close to 10 bids,” says Swee Shou Fern, head of investment advisory at ETC. “The high number of competitive bids received is a testament to this site’s strong potential and value.”
According to Swee, the land parcel has a regular-shaped plot, which provides the developer with the freedom to create a bespoke landed housing project. Additionally, data from URA shows that landed home prices in the district have experienced a compounded annual growth rate (CAGR) of 5.2% from 2015 to 2024, surpassing the 4.3% CAGR observed for landed homes islandwide over the same period.
In November 2023, Noel International sold its strata-holding in Noel Building at 50 Playfair Road for $81.18 million in an en bloc deal. ETC, who also served as the marketing agent, brokered the sale. The transaction, which was sold at a 17% premium above the guide price of $70 million, was purchased by a consortium led by Apex Asia Development. The former Noel Building, now known as Food Point Tai Seng, is currently being redeveloped into a 12-storey, strata-titled freehold food factory with ramp-up access to each level.
Noel Gifts International’s general manager of corporate development, Kenneth Wong, expresses his excitement over the opportunity to develop in District 15, stating, “We’re thrilled to have been awarded this prime development opportunity in District 15.”
Interested buyers can check out the latest listings for landed properties on their website.