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City Developments wins Singapore residential site with S$583.9M bid

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City Developments wins Singapore residential site with S$583.9M bid

Singapore's Urban Redevelopment Authority awarded the tender to a residential development site along Irwell Bank Road in the city-state to City Developments Ltd. after the developer offered to pay S$583.9 million.

The listed developer's CDL Perseus Pte. Ltd. outbid six other tenderers to win the rights to the 12,786.5-square-meter land parcel with a 99-year lease term and a maximum permissible gross floor area of 35,803 square meters.

Aside from the winning bidder, the Irwell Bank Road also piqued the interest of a consortium involving Far East Organization Pte. Ltd. and Sekisui House Ltd., as well as Frasers Property Ltd.

Meanwhile, Singapore's national urban planning authority separately awarded the tender to the 4,666.6-square-meter residential plot at Jalan Bunga Rampai to Wee Hur Development Pte. Ltd., which placed the winning S$93.4 million bid for the 99-year leasehold property with a maximum permissible gross floor area of 9,800 square meters.

As of Jan. 14, US$1 was equivalent to S$1.35.