The tender for two sites at Middle Road and Sims Drive received keen interest, with the Middle Road site attracting 10 bids.
Wing Tai Holding’s Wingcharm Investment submitted the highest bid of $492 million, followed by a consortium between MCC Land (Singapore) and Greatview Investment with a $470 million bid.
CBRE said the 7,462.6 sq m site received interest from seasoned developers who are keen on developing their residential portfolio within the Beach Road/Ophir-Rochor Corridor to complement the growing number of offices in the vicinity.
Other bidders for the site included a joint venture between GuocoLand, Intrepid Investments and Hong Realty, a tie-up between City Developments and MCL Land as well as Far East Organization.
Meanwhile, the 16,225.2 sq m site at Sims Drive received five bids, with Hong Leong subsidiary’ Intrepid Investments and CDL Constellation, a wholly-owned unit of City Developments, submitting the top bid of $383.53 million.
GuocoLand’s GLL B offered the second highest bid at $343 million, which is 11.8 percent below the highest bid.
“The tender results reflect developers’ cautious approach for private residential market where the take-up for recent projects have been tepid since additional cooling measures were introduced in July 2018,” noted CBRE.
It also revealed that the estimated unit yield for the site had been reduced to 570 from 650 units as it is located outside the Central area, hence, subject to the 85 sq m ruling.
“The winning bidders for both sites are required to adopt the “prefabricated prefinished volumetric construction” method,” stated CBRE.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
