SINGAPORE (EDGEPROP) - Two bids were received at the tender closing on July 18 for the 99-year leasehold, 99,953 sq ft site at Zion Road (Parcel B). The site can yield about 610 residential units.

The Kuok family-controlled Allgreen Properties submitted the highest bid of $730.09 million for the 99,953 sq ft site, which has a maximum gross floor area (GFA) of 559,745 sq ft. The bid price works out to a land rate of $1,304 psf per plot ratio (ppr).

Meanwhile, the Kwek-family owned Hong Leong Holdings submitted the second highest bid of $660.8 million or $1,181 psf ppr for the site.

Read also: Sustained Land submits top bid of $841 psf ppr for GLS site at De Souza Avenue

Zion Road (Parcel B) had been sitting on the Reserve List of the Government Land Sales (GLS) programme since 2018 before it was triggered for sale in April by an undisclosed developer who submitted an application to URA in April. According to sources, the developer that triggered the site was Allgreen, who had indicated a minimum of $604.57 million or $1,080 psf ppr.

Next door is Zion Road (Parcel A), where a joint venture between Singapore-listed City Developments Ltd (CDL) and one of Japan's leading developers, Mitsui Fudosan, won the site with a bid of $1.107 billion ($1,202 psf ppr) in April. Incidentally, Zion Road (Parcel A) was the first GLS plot to offer long-stay serviced apartments with a minimum stay of three months. The 99-year leasehold, 164,439 sq ft site is zoned residential with commercial on the first floor. The site has a plot ratio of 5.6 with a maximum gross floor area (GFA) of 920,871 sq ft. URA said the site could yield 1,170 residential units, including long-term serviced apartments. The site has another 25,834 sq ft of commercial space.

CDL had said that the joint venture partners would develop a mixed-use project on the site, with 740 residential units for sale across two 69- and 64-storey towers, a retail podium, and a 35-storey block of 290 rental apartments.

Mark Yip, CEO at Huttons Asia, says that the Zion Road Parcel B site received an 8.49% higher bid (in terms of land rate) than the Parcel A site due to the absence of long-stay serviced apartments. The Parcel B site is also in an excellent location near two MRT stations and will benefit from the upcoming retail space on the Parcel A plot, he adds.