A City Developments Ltd. subsidiary and affiliate won the tender for a piece of land zoned for executive condominium development in Sumang Walk, Singapore, for about S$509.4 million.
The tender was submitted to The Housing & Development Board on Feb. 27 and officially awarded to CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd. on March 7. CDL and TID agreed on a 60/40 joint venture for the acquisition and development of the site, the Singapore-listed developer said in a filing.
According to Feb. 27 data from The Housing & Development Board, the land plot spans 27,056.4 square meters and could house a development covering up to 81,169.2 square meters of gross floor area. The tender comes with a 99-year lease on the site, and up to a 70-meter-tall residential building is expected to be completed within 60 months from the time the tender is accepted.
The housing board received a total of 17 bids for the land parcel, which included subsidiaries, affiliates or joint ventures of Yanlord Land Group Ltd., Soilbuild Group Holdings Ltd. and Frasers Property Ltd.
As of March 8, US$1 was equivalent to S$1.32.
