City Developments tops West Coast Vale and Handy Road sites

31 January 2018 – The latest Government Land Sales tender by the Urban Redevelopment Authority saw closing for three residential sites at Chong Kuo Road, Handy Road and West Coast Vale saw City Developments Limited (CDL) submitting the top bids for two sites.

City Developments Limited bidded $212.2 million for the Handy Road plot and $472.4 million for the West Coast Vale site, which works out to a land rate of $1,722 psf ppr and $800 psf ppr, respectively.

For the Chong Kuo Road plot, a consortium comprising Lian Soon Holdings Pte. Ltd. and OKP Land Pte Ltd submitted the top bid of $43.95 million. Notably, the Holland Road site attracted 10 bids, six for the West Coast Vale site and eight for the Chong Kuo Road site.

“Bidding for all three sites was bullish with top bids exceeding or at the top end of expectations. This is despite the batch tender closing which did not seem to tamper bidding in any way as well as the availability of collective sale sites on the market,” said Ong Teck Hui, JLL’s national director for research and consultancy. He noted that the Handy Road parcel is the most attractive of the three due to “its location off Orchard Road near Dhoby Ghaut interchange station and the abundant amenities nearby”.

Meanwhile, CDL revealed that it will explore developing three eight- to 10-storey residential towers, with about 200 apartment units and a basement carpark at the Handy Road site. It also plans to convert the conserved building at the site into a clubhouse. For the West Coast site, CDL plans to build two 36-storey towers with around 730 apartment units and a basement carpark.

“We are delighted to have submitted the winning bids for the two highly contested sites which have excellent locational attributes and proximity to various amenities,” said CDL Group CEO Sherman Kwek.

“We have been very selective and see great potential in the two sites. We will focus hard on our execution and ensure that we continually raise the bar by creating outstanding developments on both sites that offer good quality and value to our buyers.”