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(SINGAPORE) A new benchmark has been set for residential land in Singapore. The freehold Habitat One in the prime Ardmore Park location has been sold for $180 million or a unit land price of $1,228 per square foot of potential gross floor area inclusive of development charges (DC).

New benchmark: Market watchers suggest Wheelock may amalgamate Habitat One with its two earlier sites - Habitat II and Ardmore View - for a bigger project

This surpasses the previous benchmark of $1,218 psf per plot ratio (psf ppr) set by the sale of Eng Lok Mansion in Napier Road earlier this year.

The buyer of Habitat One is understood to be Wheelock Properties (Singapore). The $1,228 psf ppr being paid by the mainboard-listed property group for Habitat One is 40 per cent more than the $876 psf ppr that it paid for the next-door Habitat II in September last year.

Wheelock had been preparing to launch a new 118-unit condo called Ardmore II on the amalgamated Ardmore View and Habitat II site in October this year.

Market watchers suggest Wheelock may now hold back the launch plans and put the project back on the drawing board if it decides to amalgamate the latest site, Habitat One, with its two earlier sites for a bigger project. Knight Frank, which handled the collective sale of Habitat One, declined to comment.

Market watchers also note with interest Wheelock's latest deal as it had seemed to abstain from participating in recent tenders. Some observers had lauded this as a wise decision given the toppish asking prices, especially for collective sale sites.

'Of course, they may have special reason to make an exception for Habitat One since they had bought the next-door site Habitat II earlier at a much lower price, which serves to average down the cost of the latest purchase,' said an industry observer.

Wheelock is said to have emerged as a last-minute surprise contender for Habitat One. It had not bid when the tender for the property closed on July 4, BT understands.

Habitat One has a freehold land area of 54,980 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and a 36-storey maximum height. An estimated DC of $9.1 million is payable. Sources say Wheelock's acquisition is exactly at the reserve price set by owners of Habitat One.

Owners of the existing 32 units in the development will walk away with $5.625 million per unit on average, which is 70 per cent more than what the apartments would have fetched had they been sold individually.

Other high-priced residential land deals this year include Hotel Properties' purchase of Beverly Mai at Tomlinson Road for $1,184 psf ppr and City Developments' acquisition of Lucky Tower at Grange Road for $1,134 psf ppr.