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City Developments units clinch 2 residential sites in Singapore

Singapore's Urban Redevelopment Authority awarded the 99-year tenders for two residential sites in the city-state to City Developments Ltd. subsidiaries CDL Regulus Pte. Ltd. and CDL Pegasus Pte. Ltd.

CDL Regulus outbid nine other developers and placed the winning bid of about S$212.2 million for the 4,796.2-square-meter site at Handy Road, which has a maximum permissible gross floor area of 11,446 square meters.

Meanwhile, CDL Pegasus clinched the development rights over the 19,591.5-square-meter land parcel at West Coast Vale with an approximately S$472.4 million bid. The site, which attracted five other bidders, has a maximum gross floor area of 54,857 square meters.

City Developments was earlier reported to be planning a 200-apartment, three-building complex on the Handy Road site and two 36-story towers on the West Coast Vale plot.

The bidding process for the two residential sites, as well as for a 4,282.9-square-meter site at Chong Kuo Road, closed Jan. 30. The government authority awarded the 99-year tender to the Chong Kuo Road land parcel to Lian Soon Holdings Pte. Ltd. and OKP Land Pte. Ltd., with the duo placing the winning bid of roughly S$43.9 million.

As of Feb. 7, US$1 was equivalent to S$1.32.