Quek Leng Chan pips S’pore cousin to top rates for bids at URA tender for Martin Place condo site

Malaysian tycoon Quek Leng Chan has pipped his Singaporean cousin Kwek Leng Beng to emerge as the top bidder for a rare District 9 private residential site offered at a state tender.

A unit of Mr Quek’s Singapore-listed GuocoLand bid S$595. 1 million, which works out to S$1, 239 per square foot per plot ratio (psf ppr) for the plot at the corner of Martin Place and River Valley Close.

This is 1 . 2 per cent higher than the second highest bid of S$588 million or S$1, 224. 22 psf ppr from a four-way consortium involving Hong Leong Holdings’ Intrepid Investments, City Developments’ unit Verwood Garden Estates, Holdings and TID Residential. All four are part of the Singapore Hong Leong Group helmed by Mr Kwek.

Both bids exceeded the top end of market expectations; property consultants whom The Business Times had polled when the site was launched in late April had forecast the highest bid would be in the S$930-S$1, 200 psf ppr range.

The tender drew 13 bids, reflecting the upbeat spirits among coders amid the recent give back of buying attraction. GuocoLand’s put money is the best for a 100 % pure residential web page sold at circumstances tender seeing that 2009.

GuocoLand Singapore dealing with director Cheng Hsing Yao said: “The site was in a ideal residential site that is likewise near the F&B cluster combined Robertson Quay, and a new walk from future Wonderful World MRT Station for the Thomson-East Sea-coast Line which could take owners straight to the CBD and Marina Fresh.

“And with the site’s large land place, the consist of project will probably feature a few of our brand luxurious living and lush facilities as seen in Goodwood Home and Leedon Residence. inch

Other bidders at Tuesday’s tender for the Martin Place site conducted through Urban Redevelopment Authority (URA) included MCL Land, Nanshan Group Singapore, and a good tie-up somewhere between Singapore Acreage unit Singland Homes and UOL Possibility Investments.

Tanglin Land, component to CapitaLand, went into seventh destination, with a offer of about S$1, 020 psf ppr. Side Tai’s component Wingzest Financial commitment priced the location at S$976 psf ppr. Far East Financial institution offered S$920 psf ppr and a good United Designers Developments and Keong Hong tie-up, S$843 psf ppr.

The lowest offer, from IOI Properties component Multi Money (Singapore), was S$402. almost eight million, converting to S$838. 63 psf ppr.

The nearly – 6-hectare webpage may be built in 450 contraptions at most — subject to a good maximum uncouth floor part of 480, 306. 75 sq ft. Maximum unit entente – thought as due to website traffic considerations during the locale — means that the regular unit size in the assignment will be you, 067 sq ft. Perhaps the site provides a 20-storey peak restriction, although the rest of the conspiracy has a 30-storey height limit. The conspiracy is out there River Basin Primary Classes.

An analyzer said that the sheer numbers of bids as well as profile of bidders represent the importance of this lollipop site combined Martin Destination. The creators who taken part in the painful were preparation forward, persuaded by the recently available success of Cairnhill 90 years.

The victor will be able to reap the benefits of launching an item that suits this marketplace, at an favorable time as a result of tweak during the property a / c measures or simply when the current market recovers.

Influenced by GuocoLand’s offer price GuocoLand’s breakeven price tag is calculated at S$1, 800-S$1, nine hundred psf and the average price at on top of S$2, 000 psf. Mentioning how the recently available return of personal home-buying attraction and mounting transaction databases would have forked out to the positive outlook some of the bidders for Tuesday’s sensitive closing, a consultant declared within the Water Valley preparing area, in which the subject website is located, month-to-month transaction amounts of non-landed private homes averaged just 15 models in 2015 but have climbed to 86 models in Might.

Few prime-district residential sites come on to the market throughout the Government Property Sales (GLS) programme therefore the Martin Place site presented a rare chance to interested programmers. Its central location in proximity towards the CBD, Orchard Road and amenities over the Singapore Water would be strong selling factors in attracting buyers.

The final prime-district home site offered under the GLS programme is Sophia Hillsides in Sept 2013, fetching S$1, 157 psf ppr.