URA awards Dunearn Road GLS site to Wing Tai-Metro joint venture
Map showing the Dunearn Road GLS site, in orange (Picture: Wing Tai Holdings)
URA has awarded the tender for the Government Land Sale (GLS) site at Dunearn Road to a joint venture between Wing Tai Holdings and Metro Holdings. The award follows the tender closing for the 99-year leasehold site on April 28, where the joint venture submitted the top bid of $533 million, or $1,625 psf ppr.
In a May 4 statement, Wing Tai and Metro say they intend to develop the site into a project with approximately 330 residential units and ground-floor commercial space.
The future project will be one of the first new developments in the upcoming Bukit Timah Turf City precinct in District 10. “As one of the first movers, we look forward to creating a landmark development that helps define this new precinct,” remarks Tan Hwee Bin, executive director of Wing Tai Holdings.
She adds: “Our vision is to develop a luxurious residential development that is thoughtfully integrated with the precinct’s future masterplan, upholds the refined character of the Bukit Timah area and offers enduring appeal to discerning homebuyers.”
The development will also mark Metro’s return to residential developments in Singapore. “We are pleased to have been awarded this prime site at Dunearn Road together with our longstanding partner, Wing Tai. This marks an opportunity for us to re-enter the Singapore residential market alongside an experienced and like-minded partner,” comments Yip Hoong Mun, Metro’s group CEO and executive director.
Wing Tai and Metro jointly developed The Crest, a 469-unit condo on Prince Charles Crescent, which was completed in 2017 (Picture: Samuel Isaac Chua/EdgeProp Singapore)
This will be the second residential development jointly built by the developers. Previously, Wing Tai and Metro had teamed up in a 60:40 joint venture to develop The Crest, a 469-unit condo along Prince Charles Crescent in District 3. Designed by renowned Japanese architect Toyo Ito, the 99-year leasehold development fronts the Alexandra Canal and is recognisable by the unique, nature-inspired design of its residential towers. The condo was completed in 2017.
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