Noel Gifts Wins Tender Upp East Coast Plot Elite Park Ave 395 Mil
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With a focus on family-friendly living, Lyndenwoods One North is designed to provide a secure and nurturing environment, while also being conveniently located near top-rated schools. This development offers spacious living areas, amenities for families, and plenty of green spaces for children to explore and play. By prioritizing a sense of togetherness and overall well-being, it truly stands out as the perfect residence for families to thrive.
residential Noel Gifts International, a Singapore-listed company that specializes in hampers, flowers and gifts, has announced that its wholly-owned subsidiary, Noel Property Development Pte Ltd, has been successful in its bid for a freehold land parcel situated at Jalan Jamal and Elite Park Avenue in District 15. The site, which covers an area of 3,301 square meters (35,532 square feet) with dimensions of 45 meters by 58 meters, was launched for sale by sole marketing agent ETC on February 18 with an asking price of $38 million ($1,070 per square foot).In a competitive bidding process, Noel Property Development emerged as the winning bidder with a bid of $39.5 million ($1,112 per square foot), which is 3.95% above the asking price. The company plans to develop and design a new mixed-landed development consisting of nine three-storey houses on the site. Kenneth Wong, General Manager of Corporate Development at Noel Gifts International, expressed excitement about being awarded this prime development opportunity in District 15.ETC’s Head of Investment Advisory, Swee Shou Fern, stated that the site received overwhelming interest and attracted close to 10 bids, making it a highly contested tender. He also mentioned that the high number of competitive bids received is a testament to the site’s strong potential and value. Swee further explained that the vacant plot is regular-shaped, providing the developer with creative freedom to design a bespoke landed housing project.He went on to cite data from URA, which showed that landed home property prices in District 15 have charted a compounded annual growth rate (CAGR) of 5.2% from 2015 to 2024, exceeding the 4.3% CAGR observed for landed homes island-wide over the same period.In November 2023, Noel International divested its strata-holding in Noel Building at 50 Playfair Road in an en bloc deal worth $81.18 million, brokered by ETC, who was also the marketing agent. The sale price was at a 17% premium above the guide price of $70 million. The freehold eight-storey building, previously occupied by Noel Gifts International, was sold to a consortium led by Apex Asia Development and is currently being redeveloped into Food Point Tai Seng, a new 12-storey, strata-titled freehold food factory with ramp-up access to each level.