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.