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Top bid tendered for Martin Place of $595.1m

Martin-Place-sale-siteFirst Bedok Property, an unit of GuocoLand, submitted the highest bid of $595.1 million, or $1,239 psf per plot ratio (psf ppr).

This is the greatest psf price attained for an only residential site under the Government Land Sales (GLS) Programme, said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

This was followed by a $588 million ($1,224 psf ppr) offer from a consortium comprising Intrepid Investments, an unit of Hong Leong Holdings, Verwood Holdings (CDL), TID Residential and Garden Estates.

The lowest bid came from Multi Wealth (Singapore) at $402.8 million ($839 psf ppr).

According to Sim, “the number of prime, purely residential sites available in the marketplace is quite small, and developers are still eager for such websites as a result. The developers who participated in the tender were brought by the affordable quantum. They were planning forwards, encouraged by the recent success of Cairnhill Nine.

“The success will be able to take advantage of launching a product that suits the marketplace, at an opportune time when the market recovers, either as a result of a tweak in measures or when the market recovers. The last time a site was made obtainable in the vicinity was back in March 2011 at Robertson Quay ($938 psf ppr). In addition, the last site awarded in District 9 was at Mount Sophia back in September 2013 ($1,157 psf ppr),” he included.

Started the approximately 171,535, under the first half 2016 GLS Programme for sale on 28 April 2016 sq ft site has a maximum gross floor area of 480,307 sq ft. It could potentially produce about 450 condominium units.

The land lot is located close to the future Great World MRT station on the Thomson-East Coast Line. Nearby condominiums comprise Rivergate Martin Place Mansions and Martin 38 38.

A decision on the award of the bid will be made after the bids are assessed, said the URA.

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