At the closure of the tender on September 5, four proposals were received for the Government Land Sales (GLS) site on Bernam Street.
Chinese developer Hao Yuan Investments placed the highest bid of $440.9 million, equating to a land cost of $1,463 per square foot per plot ratio (psf ppr). The top bid is “not surprising,” according to Desmond Sim, CBRE’s Southeast Asia head of research, because the developer’s most recent residential project is the 736-unit Queens Peak, which was purchased in a GLS tender in June 2015 for a 99-year leasehold site.
Hongkong Land and MCL Land came in second and third, respectively, with Far East Organization coming in third and Chinese developer CSC Land and partners coming in fourth, according to Sim.
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