Singapore's Urban Redevelopment Authority awarded the tender to the for the 5,722.5-square-meter Cuscaden Road site in the city-state to a three-party consortium involving subsidiaries of Hong Kong-listed developers New World Development Co. Ltd. and Far East Consortium International Ltd.
The consortium's nearly S$410.0 million bid surpassed eight other offers for the 99-year leasehold to the residential site, which has a maximum permissible gross floor area of 16,023 square meters. Unsuccessful tenderers for the site include Logan Property Holdings Co. Ltd., Far East Organization and GuocoLand Ltd., according to the South China Morning Post.
Adrian Cheng, New World's executive vice chairman, told the paper without disclosing a total investment cost that the secured site is intended for a luxury residential development.
New World's involvement in the winning offshore consortium, according to China Hong Kong Capital Asset Management CEO Kenny Tang Sing-hing, will help the Hong Kong-based developer to diversify its investment risks as property prices in its home city continue to increase. Sun Hung Kai Properties Ltd. recently set a new record in the special administrative region when it placed an estimated HK$25.16 billion bid to clinch a roughly 16,556-square-meter site, further cementing Hong Kong's status as the most expensive urban center, the publication added.
As of May 16, US$1 was equivalent to S$1.34.
