URA awards Jalan Tembusu and Lentor Hills site to highest bidders

Jan 26, 2022

Michelle Zhu

TENDERS for residential sites at Jalan Tembusu and Lentor Hills Road Parcel A have been awarded to their respective highest bidders, announced the Urban Redevelopment Authority (URA) in a press statement on Wednesday (Jan 26).

Through its wholly-owned subsidiary CDL Triton, City Developments (CDL) beat 7 other bidders to win the 210,622 square feet (sq ft) Jalan Tembusu site at the tendered price of S$768 million. Based on the site's maximum permissible gross floor area (GFA) of 589,744 sq ft, this translates to about S$1,302 per sq ft per plot ratio (psf ppr).

The Business Times (BT) had previously reported that the price came in at the upper end of the range forecast by property consultants polled by BT before the tender closed on Jan 18.

CDL said it planned to develop a residential project on the site, comprising 4 blocks of 20 to 21 storeys with a total of about 640 residential units.

Meanwhile, the tender for Lentor Hills Road Parcel A was awarded to a tie-up between Intrepid Investments, GuocoLand and TID Residential at the highest bid price of S$586.6 million.

This translates to S$1,060 psf ppr based on the 184,460 sq ft plot's GFA of 553,383 sq ft, which can yield about 595 private homes. The winning bid price was 6.3 per cent higher than its second-highest bid from a partnership between Sim Lian Land and Sim Lian Development.

A total of 4 bids were received by URA for the Lentor Hills plot, which would require the successful bidder to build an early-childhood development centre with at least 5,382 sq ft in GFA.