GuocoLand offers highest price ($595m) for prime residential site in River Valley

Singapore Property

 

The tender for one of the prime residential sites released under the Confirmed List of the 1H2016 Government Land Sales programme was officially closed yesterday.

The Martin Place site in River Valley is a 99-year leasehold site located close to the future Great World MRT station. The 171,535 sqft site has a maximum GFA of 480,307sqft which can potentially accommodate 450 condo units.

The tender attracted interest from 13 bidders with the highest bidder, Guocoland bidding $595m. Guocoland which is controlled by Malaysian Quek Leng Chan, submitted the top bid at $1,239psf. This was slightly above the next bid of $588m by City Developments Unit Verwood Holdings, Hong Leong Holdings unit Intrepid Investments, TID Residential and Hong Realty unit Garden Estates.

Nearby condominiums include Starlight Suites, Martin 38 and Oleanas Residence. Based on DREA’s analysis, condos between size of 500-1000 and 1000-1500 are the most liquid and leasehold condos within 1km of the site have historically transacted at a median price of $2,262psf to $2,635psf

Experience DREA at DREA.sg to find out more about condos in the area.

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