Kampong Java Road residential site attracts 7 bids | Property Market

Location map of the land parcel at Kampong Java Road. Source: URA

The tender for a residential site at Kampong Java Road attracted seven bids, with CELH Development, a unit of Chip Eng Seng Corporation, submitting the highest bid of $418.4 million, revealed the Urban Redevelopment Authority (URA) on Tuesday (15 Jan).

GLL D, a subsidiary of GuocoLand, submitted the second highest bid of $417.2 million, followed by MCC Land (Singapore) and Greatview Investment’s offer of $407.9 million.

More: Govt Launches Three Sites Yielding 700 ECs, Over 1,300 Private Condos

Launched for sale on 31 October, the 99-year leasehold site has a land area of 11,643.2 sq m and a maximum permissible gross floor area of 32,601 sq m.

Meanwhile, the tender for a 5,121.4 sq m hotel site at Club Street attracted eight bids with Midtown Development – which is part of the Worldwide Hotels Group that includes Hotel 81 – offering the top bid of $562.2 million.

URA noted that it is “not an announcement of tender award”.

It added that a decision on the award of the tenders will be announced at a later date, after all the bids have been evaluated.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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