GuocoLand places top bid for plum Martin Place private housing site at URA tender
A 99-year leasehold private housing site at the corner of Martin Place and River Valley Close offered by Urban Redevelopment Authority (URA) has attracted 13 bids at a state tender that closed on Tuesday.
The highest bid, from GuocoLand unit First Bedok Land, was for S$595.1 million or S$1,239 per square foot per plot ratio (psf ppr). The second highest bid, from a four-way partnership involving Hong Leong Holdings' Intrepid Investments, City Developments' unit Verwood Holdings, TID Residential and Garden Estates, was at S$588 million or S$1,224.22 psf ppr. Other bidders included MCL Land, Nanshan Group Singapore, and a joint bid by Singland Homes and UOL Venture Investments. The lowest bid, from Multi Wealth (Singapore) was S$402.8 million, translating to S$838.63 psf ppr.
The nearly 1.6-hectare site may be built into 450 units at most - subject to a maximum gross floor area of 480,306.75 sq ft.
Part of the site has a 20-storey height restriction, while the rest of the plot has a 30-storey height limit.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Condo rents inch up after 7-month decline; volumes recover: SRX, 99.co
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses China businessman’s claims against Huttons and agent in misrepresentation suit
URA awards Zion Road, Upper Thomson sites to sole bidders at lower-than-expected offers
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
Delfi Orchard up for collective sale at S$438 million guide price