SC Global Developments, FEC Properties and New World Development teamed up to offer the winning bid of close to $410m for the prime residential site, which is just a few minutes’ walk from Orchard Boulevard MRT station (Thomson East Coast Line) and opposite a trio of glitzy hotels – Hotel Jen, The Regent and St Regis.
This was a hotly contested residential site with a total of 9 bidders. It has an area of 5,722.5 sqm and GFA of 16,023sqm.
The winning bid translates to $2,377 per square foot per plot ratio (psf ppr), surpassing market expectations of $1,800 to $2,300 psf ppr and making it the record bid to date.
Consultants expect a break-even price of $3,100 to $3,300 psf, with selling prices for the new project from $3,300 to $3,700 psf.
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