The tender for two 99-year leasehold residential sites at Dairy Farm Road and Prince Charles Crescent (pictured) were awarded to the developers who submitted the highest bids, according to the Urban Redevelopment Authority (URA).
The Dairy Farm Road site was awarded to a tie-up between First Shine Properties Pte Ltd and Meadows Bright Development Pte Ltd, who offered a top bid of S$244.318 million.
With a land area of 17,545.8 sq m, the site is expected to be developed into around 390 units of condos and flats. The winning bid price translates to S$6,630.61 psm on the 36,847 sq m GFA.
Meanwhile, the Prince Charles Crescent residential land parcel has been awarded to a consortium comprising Wingstar Investment Pte. Ltd, Metro Australia Holdings Pte Ltd and Maxdin Pte Ltd.
The three entities submitted a top bid of S$516.298 million or S$10,336.31 psm on the GFA of 49,950 sq m.
“It is an exciting opportunity for Wing Tai and our joint venture partners to create a signature residential condominium to benefit real estate development in the vicinity. This is a new, differentiated residential development, in response to the demands of a highly discerning mid-high segment of the market,” commented Edmund Cheng, Deputy Chairman of Wing Tai Holdings, the parent of Wingstar Investment.
Cheng added that they will develop “an exceptional residential development with a modern heritage that stems from its locale. We will maximise its orientation and location in a reputable bungalow enclave of prime landed properties.”
The project will benefit from the site’s openness and unblocked views, as well as proximity to the lifestyle and transport amenities.
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