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Middle Road and Sims Drive sites draw keen response

29 Mar, 2019

A crowded field of 10 developers have thrown their hats in the ring for a 99-year leasehold site in Middle Road earmarked for residential with commercial use on the first floor. The top bid of $492 million or $1,458 per square foot per plot ratio (psf ppr) was from a Wing Tai Holdings unit. Then came one of $1,393 psf ppr lodged by a tie-up between MCC Land (Singapore) and Greatview Investment.

Other bidders included a joint venture between City Developments and MCL Land, another involving GuocoLand, Intrepid Investments and Hong Realty and a solo bid from Far East Organization. Be development placed the lowest offer of $351.96 million or S$1,043 psf ppr.

The plot spans 80,300 sqft and can yield an estimated 375 homes. There are two zones: the low-rise one that can go up to six storeys, and a high-rise zone of up to 20 storeys. Analysts had predicted keen interest for this rare residential site in the central area. At the same tender, a 99-year leasehold private housing site in Sims Drive, Geylang, drew five bids.

The highest of nearly $383.53 million or $732 psf ppr came from a partnership between a unit of Hong Leong Holdings and a fully-owned subsidiary of City Developments. The 174,600 sqft plot can yield an estimated 570 housing units. The second-highest bid of $343 million or $655 psf ppr came from a Guo-coLand unit. The lowest bid was from Trident East at $286.2 million.

 

Adapted From The Straits Times