SINGAPORE – A tie-up between City Developments and Woh Hup has placed the top bid of $709.25 million or about $1,455 per square foot per plot ratio (psf ppr) for a 99-year leasehold private housing site in Tanjong Rhu Road.
The plot, next to the Singapore Swimming Club, garnered a total of five bids at a state tender that closed on Feb 5.
It can generate about 525 private homes.
Analysts polled by The Business Times had forecast that the site would fetch up to nine bids. Top bids were expected in the range of $1,200 to $1,400 psf ppr for what would be the first new project in Tanjong Rhu in decades.
The second-highest bid at the tender was from a partnership between Sunway MCL and Sinarmas Land unit AFP Land. It bid $691.89 million or about $1,419 psf ppr for the site.
Sim Lian Land and Sim Lian Development joined forces for a $1,416 psf ppr bid.
A tie-up involving GuocoLand, Intrepid Investments and TID Residential bid $1,380 psf ppr.
Kingsford placed the lowest bid, at $1,235 psf ppr.
The tender was conducted by the Urban Redevelopment Authority (URA).
The Tanjong Rhu Road site is between Tanjong Rhu and Katong Park MRT stations on the Thomson-East Coast Line. Both stations are about 600m to 700 m from the site.
The site can be developed to a maximum gross floor area of 487,454 square feet (sq ft), of which a minimum 5,382 sq ft is stipulated for a childcare centre.
URA has specified a building height control of 95 m for the bulk of the site, with the rest of the site having a 100 m height control.
The plot is bounded by Tanjong Rhu Road to the north and Singapore Swimming Club to the east. It is in an area with a mix of private and public housing developments. Dunman High School is a stone’s throw away.
THE BUSINESS TIMES