The $805.39 million bid put forward by the CapitaLand-UOL consortium is the highest out of three bids that the government received for the 133,330 sq ft residential site when the tender closed on May 14. (Map: EdgeProp's LandLens)
URA has awarded the tender for the recently closed government land sale (GLS) site at Holland Drive to a consortium comprised of CapitaLand Development (35%), UOL Group (35%), Singapore Land Group (20%) and Kheng Leong Co. (10%).
The consortium’s bid of $805.39 million was the highest of three bids received when the tender for the site closed on May 14.
The second highest bid of $765.26 million was jointly submitted by Hong Leong Holdings and Hong Realty. It was 5.24% lower than the winning bid.
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The 99-year leasehold residential site sits in prime District 10 and has a maximum gross floor area of about 626,650 sq ft. This translates the winning bid to $1,285 psf per plot ratio.
A spokesperson for the CapitaLand-UOL consortium stated that it intends to develop two 40-storey condominium towers accommodating 680 units on the site.
According to estimates by Knight Frank Singapore and Singapore Realtors’ Inc, the launch price of future residential units built on the site could start at $2,800 psf. However, PropNex forecasts a lower possible average selling price starting from $2,700 psf.