City Developments, via its wholly owned subsidiary CDL Triton, submitted the top bid of S$768 million, by a 7.8 percent margin, for a 99-year leasehold private residential site located at Singapore’s Jalan Tembusu, the property developer said in a press release Tuesday.
The pricing works out to S$1,302 per square foot per plot ratio, the statement said.
The 210,623 square foot site, located along Tanjong Katong road and Jalan Tembusu, about 500 meters from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line, is the first government land sale (GLS) tender this year, and it garnered eight bids, the press release said.
Sherman Kwek, City Developments’ group CEO said:
“We are very pleased to emerge as the top bidder for this prized residential site in District 15. Our residential projects have sold well over the past few years and the acquisition of the sizeable Jalan Tembusu GLS site will bolster CDL’s development inventory by over 600 units.
While there will be some headwinds on the back of the property cooling measures, we believe that the market remains well-supported by resilient fundamentals such as an improving job market and strong household balance sheets. Having launched and developed various projects in the vicinity including Amber Park, which is close to 90 percent sold, this is an excellent opportunity to expand our presence in this locale and create yet another enduring icon.”
In mid-December, Singapore’s government imposed a fresh round of measures intended to throw cold water on rising home prices, taking steps including increasing the Additional Buyer’s Stamp Duty (ABSD) rates and changes to loan-to-value limits. The moves were aimed at dampening investment demand.
If City Developments is awarded the site, it plans four residential blocks of 20-21 storeys, with around 640 residential units, the statement said.