Location map of the land parcel at Kampong Java Road. Source: URA
The Urban Redevelopment Authority (URA) on Monday (21 Jan) awarded a 125,326.36 sq ft private residential site at Kampong Java Road to CELH Development, which submitted the highest bid of $418.38 million out of a total of seven bidders.
The bid by Chip Eng Seng Corp’s property development arm works out to $1,192.25 psf ppr based on the site’s maximum permissible gross floor area (GFA) of 350,914.24 sq ft.
The 99-year leasehold site in prime District 9 was launched for sale on 31 October and the tender closed on 15 January. Analysts anticipated strong interest for the plot, which is expected to yield about 435 units, as it’s just opposite Newton MRT station and is close to Orchard Road.
Meanwhile, the URA awarded a 55,126.29 sq ft hotel site in Club Street to Midtown Development, which offered the highest price of $562.2 million among eight different bidders.
The company, which is part of Worldwide Hotels Group, is paying about $2,148.48 psf ppr based on the 99-year leasehold plot’s maximum permissible GFA of 261,670.66 sq ft.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com