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GuocoLand JV wins Singapore site tender with S$800.2M bid

GuocoLand Ltd. said Sept. 12 that its joint venture with Intrepid Investments Pte. Ltd. and Hong Realty (Pvt.) Ltd. placed the winning S$800.2 million bid for a residential-focused development site along Tan Quee Lan Street in District 7, Singapore.

The trio outbid one other tenderer for the 11,530.8-square-meter property.

The site can yield up to 580 residential units and has a maximum permissible gross floor area of 48,430 square meters. It is zoned for residential development with a commercial component on the first story.

Separately, the city-state's Urban Redevelopment Authority awarded tenders for the 3,846.2-square-meter Bernam Street site to HY Realty Pte. Ltd. for S$440.9 million and for the 5,778.7-square-meter One-North Gateway property to TID Residential Pte. Ltd. for S$155.7 million.

The public tenders for the three development sites with 99-year lease terms all closed Sept. 5, according to the land authority.

As of Sept. 12, US$1 was equivalent to S$1.37.