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Frasers Centrepoint unit, Allgreen Properties win Singapore residential sites

Singapore's Urban Redevelopment Authority formally awarded the residential sites at Jiak Kim Street and Fourth Avenue to a Frasers Centrepoint Ltd. unit and to Allgreen Properties Ltd., which respectively placed the winning S$955.4 million and S$553.0 million bids for the properties.

The sites, both of which were included in the government land sales program's reserve list, were offered with 99-year leases. The respective top bids reflect per-square-foot valuation of S$18,649.02 for Jiak Kim Street and S$16,576.41 for Fourth Avenue.

To win the 13,481.7-square-meter Jiak Kim Street site, FCL Residences Pte. Ltd. outbid nine other parties, including subsidiaries of City Developments Ltd., UOL Group Ltd. and the Singaporean arm of Logan Property Holdings Co. Ltd. The residential site with a first-story commercial component has a maximum permissible gross floor area of 51,231 square meters.

On the other hand, Allgreen Properties defeated six other bidders, including a joint venture of Sunway Bhd., for the 18,532.2-square-meter site at Fourth Avenue, which has a maximum permissible gross floor area of 33,358 square meters.

As of Dec. 8, US$1 was equivalent to S$1.35.