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CDL tops bid for Handy Road and West Coast Vale sites

By Cecilia Chow

/ EdgeProp Singapore |

January 30, 2018 4:24 AM SGT

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At the close of the tender for three, 99-year leasehold government land sites (GLS) on Jan 30, Singapore-listed property giant City Developments Limited (CDL) emerged the top bidder for two of them, namely at Handy Road and West Coast Vale.

For the Handy Road site, CDL was ahead of nine other bidders with a bid price of $212.2 million, or $1,722 psf per plot ratio (psf ppr). It won by a margin of 12.3%. CDL also emerged at the top of six bidders for the site at West Coast Vale with a bid of $472.4 million ($800 psf ppr) and won by a margin of just 0.7%.

At the 51,626 sq ft site on Handy Road, CDL intends to develop a 200-unit condominium project spread across three 8- to 10-storey blocks. The conserved building on the site will be converted into a clubhouse.

Meanwhile, at West Coast Vale, the 210,883 sq ft site is likely to be developed into twin 36-storey residential towers with 730 units and basement parking.

“We have been very selective and see great potential in the two sites,” said Sherman Kwek, group CEO of CDL in a statement. “As Singapore’s residential market begins to gradually recover, we will continue to seek suitable opportunities to increase our local land bank.”

The third site that closed on Jan 30 was along Chong Kuo Road, off Sembawang Road. Eight bids were received for the 46,191 sq ft site. The top bid of $43.95 million ($681 psf ppr) came from a joint venture between Lian Soon Holdings and OKP Land.

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