The offer translates to about S$1,323 per square foot (US$11,055 per square meter) per plot ratio for the mixed-use commercial and residential site, according to the tender closure notice by the Urban Redevelopment Authority on Wednesday.
The 99-year leasehold parcel covers 618,500 square feet (57,460 square meters) and has a maximum permissible gross floor area of nearly 1.61 million square feet. It was launched for tender in late March and attracted three bids.
The top bid by the consortium that also includes Frasers Centrepoint Trust, Sekisui House and Lum Chang Building Contractors was 8.5% higher than the next offer of S$2.01 billion, submitted by a consortium led by Singaporean billionaire Kwek Leng Beng’s City Developments Limited.
The parcel is the second government land sales site in the upscale Bayshore precinct, which is a new waterfront neighborhood planned to feature around 10,000 new homes. It is also the only mixed-use plot in the precinct under the URA’s Master Plan 2025, according to The Business Times.
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The Bayshore Drive site (orange) as seen on Urban Redevelopment Authority’s map. Photo from URA’s website |
The site is expected to yield up to 1,280 homes alongside 242,188 square feet of commercial space, including a retail mall with a gross floor area of 237,882 square feet and an estimated 160,000-180,000 square feet of net leasable area, Frasers Property said in a press release.
If awarded the site, Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential component while Frasers Centrepoint Trust, Sunway MCL and Sekisui House will develop and wholly own the retail portion, it noted.
The project will be the only integrated transport hub in the neighborhood, connected to Bedok South MRT Station on the Thomson-East Coast Line, a bus interchange and retail spaces.
Analysts expect the future residential development to command average prices of S$2,800-3,000 per square foot based on the land cost, according to EdgeProp Singapore.
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Billionaires Charoen Sirivadhanabhakdi and Jeffrey Cheah. Photo by Asset World, Sunway University |
Frasers Property is part of Charoen’s business empire, which also includes Thailand’s largest beverage producer and distributor Thai Beverage, packaging firm Berli Jucker, property developer Asset World and hypermarket operator Big C Supercenter.
Sunway MCL, meanwhile, was rebranded from MCL Land after Sunway Group acquired the developer from Hongkong Land last year.
Cheah is the controlling shareholder of Sunway Group. The conglomerate is one of the largest in Malaysia and operates across industries including construction, real estate, healthcare, education and infrastructure. It has been expanding its investments in Singapore in recent years.
Charoen and his family were ranked fifth on Forbes’ Thailand rich list earlier this month with an estimated fortune of US$11.5 billion. Cheah was listed as Malaysia’s eighth-richest billionaire in late April with a net worth of US$5.3 billion.
Sourcee.vnexpress.net
