Wing Tai Holdings announced on April 5 that its subsidiary Wingcham Investment Pte Ltd has been awarded the land parcel at Middle Road by URA. The Singapore-listed property group emerged at the top of 10 bids received at the close of the tender on March 29. Wing Tai’s bid price was $492 million ($1,458 psf per plot ratio).

The site, which covers an area of over 80,000 sq ft, is located in Bugis at the fringe of the CBD and close to Orchard Road. The new development by Wing Tai will have twin, 20-storey residential towers and one block of low-rise residences atop a row of commercial units.

Tan Wee Bin, executive director of Wing Tai Holdings, says that the site presents an “excellent opportunity to create a fresh, exciting living space that caters to urbanites who desire to live in the city and experience its vibrant, cosmopolitan culture”.

Such a prime site in the city area is rarely available, adds Tan. The property will be well-served by the upcoming North-South Corridor, the MRT network via the East-West, Downtown and Circle lines as well as major expressways.

The site is located among major commercial developments, hotels, shopping malls and retail outlets, as well as educational institutions and the arts and civic district. “We are excited to participate in the overall revitalization and growth initiative, and look forward to working with URA to respond to the rapidly transforming Beach Road/Ophir-Rochor Corridor and support the nation’s live-work-play aspirations,” says Tan.