City Developments' $245m bid for Tai Thong Crescent beats others

CDL's bid was 11% higher than the 2nd highest.

According to OCBC, a JV between CDL and Hong Leong Holdings put in the top bid (S$245m) for a government land site tender at Tai Thong Crescent. The tender attracted eight bidders and CDL’s bid was 11% above the 2nd highest.

Here's more from OCBC:

We believe the site, with a land area of 88.3k sq ft and maximum permissible GFA of 308.9k sq ft,would likely be developed into a mixed-use development of up to 19 storeys with ~265 residential units and 28 commercial units on the ground floor. The top bid translates to a land price of S$793 per sq ft GFA and an estimated project-wide breakeven ASP between S$1.2k – S$1.3k psf, which we believe is reasonable given the site location and attractive mix of use.

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