A consortium of Hong Kong-listed conglomerate New World Development, Hong Kong developer Far East Consortium, and Singapore’s SC Global Development has snapped up a luxury residential site near the city-state’s Orchard Road for S$410 million ($307 million).
The consortium outbid eight other renowned property developers, including the likes of GuocoLand, Bukit Sembawang Estates, Shun Tak Holdings, and Wing Tai Holdings.
Singapore’s Urban Redevelopment Authority announced on Thursday that the consortium had won the tender for the 5,722.5-square-meter luxury residential site located on Cuscaden Road, with a winning bid of S$2,377 per square foot.
The 99-year leasehold site – zoned for residential use under URA’s 2014 Master Plan – at Cuscaden Road has a gross floor area of 16,023 square meters.
The top bid was a record for all government residential sites (GLS) in the city and surpassed the expectations of a range between S$1,800 and S$2,300 per square foot. The previous GLS record was the $1,733 per square foot paid by Frasers Property for a Jiak Kim Street in January.
“The relatively bullish land bids were not unexpected given the upturn in the residential market in Singapore, recovery in prices and rise in market sentiment. Developers went in with guns blazing, particularly for the Cuscaden Road site, setting a benchmark price for a 99-year leasehold site,” said Tricia Song, Head of Research for Singapore at Colliers International.
The Cuscaden Road plot could yield a total gross floor area of 172,470 square feet. It is situated south of Cuscaden Road and north of Orchard Boulevard, directly opposite The Regent Hotel and just a 10 minutes’ walk from the Orchard MRT station.
“The Cuscaden Road site is rare and the most upscale of the Government Land Sale sites on offer in recent years,” Song said.