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Final bids in for 2 residential development sites in Singapore

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Final bids in for 2 residential development sites in Singapore

Singapore's Urban Redevelopment Authority closed Sept. 4 the tenders for two residential development sites in the city-state, a process that garnered a total of eight offers.

For the Dairy Farm Road estate tender, United Engineers Ltd.'s UED Residential Pte. Ltd. submitted the highest bid at S$368.8 million. For the site in Jalan Jurong Kechil, COHL Singapore Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. submitted the highest offer of S$215.0 million.

Other bidders for the Dairy Farm Road site were MCC Land (Singapore) Pte. Ltd. and Greatview Investment Pte. Ltd., which submitted a roughly S$364.9 million bid; CEL Property Development Pte. Ltd. that bid S$333.3 million; and Wee Hur Development Pte. Ltd. with the lowest bid of S$228.8 million. The CSC Land Group and COHL Singapore joint venture also tried its luck with the site and offered S$357.0 million.

The 19,647.7-square-meter site has permission for a residential-led development with a ground-floor commercial area.

Meanwhile, the other two bids for the 14,234.9-square-meter Jalan Jurong site came from Hao Yuan Investment Pte. Ltd. and Sim Lian Land Pte Ltd., with respective amounts of S$163.8 million and S$130.0 million.

Both tenders closed Sept. 4 and are for 99-year leaseholds. The authority will decide and announce the tender award winners at a later date.

As of Sept. 4, US$1 was equivalent to S$1.38.