Avenue South Residence

56-Storey Winner:

Avenue South Residence, a new Singapore condo, is located near the future Greater Southern Waterfront! It is a mixed-use development backed by reputable developers, UOL Venture Investments Pte Ltd, Kheng Leong Company Pte Ltd and UIC Homes Pte Ltd. With a total of 1,074 residential units, it will be the tallest residential development in Singapore with two 56-storey tall towers and five 4-storey conserved blocks. The development is located on Silat Avenue.

This 99-year new condo in Singapore will obtain its Temporary Occupation Permit (TOP) some time in 2023.

Located in the southern part of the city state, Avenue South Residence is in the proximity of the future Greater Southern Waterfront. This spanking new condo once completed will be the icon in the south and the gateway to a new lifestyle combining work, live, and play.
With over 2,000 hectares of premium waterfront land stretching from Pasir Panjang to Marina East, the Greater Southern Waterfront is expected to be an impressive city centre and an affluent way of life.

The Sole Land Bid:

There is only one bidder for this piece of land under the Government Land Sale (GLS) program when the tender closed on 26th April 2018. UOL Group together with her associated companies, Kheng Leong Company and United Industrial Corp, emerged victorious as the only bidder to submit S$1.035 billion equating to S$1,138 per square foot per plot ratio (psf ppr). This mega site of 245,975 sqft along Silat Avenue is off Kampong Bahru Road. It can yield more than 1,000 residential units so developers tend to tread with caution when a land plot is huge as it requires more financial resources on their part.

It seems that other developers had been busy with the tender for the Holland Village GLS mixed-development which ended a month earlier in March 2018. Fifteen bids were received in the two-envelop system whereby the first envelope is based on the design before the consideration of the second envelope which is based on the bid price. Both the Holland Village GLS and the Silat Avenue are 2 large sites. If any developer had sent in their bids for the 2 land parcels and are awarded both, they may be caught in a fix over the huge capital outlay in the building works.

First-mover Advantage:

Avenue South Residence looks to have the first-mover advantage in terms of private residential development along this stretch of the road. Lying south of Silat Avenue are another 2 large plots of land slated for residential use with a plot ratio of 2.8. Residents of Avenue South Residence stand to gain by buying early into this first land release.

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