PUBLISHEDJUN 3, 2016, 5:00 AM SGT
Qingjian makes bold moves in real estate
Purchase of Shunfu Ville en bloc site and Bukit Batok mixed-use site are firsts for firm
Wong Siew Ying
Developer Qingjian Realty took two bold steps into new territory last month - buying one of the most pricey en bloc sites here, as well as securing a $301 million Bukit Batok mixed-development site.
Both were firsts for the firm, which has been developing property in Singapore for some eight years.
Qingjian is buying the Shunfu Ville en bloc site for $638 million, and has now disclosed that it eyed other collective sale sites - such as Normanton Park and Eunosville - before making its pick.
The Shunfu plot had the edge over other options, owing to its attractive location and reasonable pricing, Qingjian general manager Li Jun told The Straits Times.
"I have been monitoring the Shunfu site since last October. I also viewed the Normanton Park project, and went to the Eunos site twice. After an initial study, we felt their prices were on the high side."
The 358-unit Shunfu Ville, on a 408,927 sq ft site, is under 200m from Marymount MRT station.
Although its $638 million offer was the third-largest en bloc price on record, Qingjian secured the Shunfu Ville site well below the reserve price of $688 million.
Recent developments by Qingjian