A total of 10 real estate developers have shown their interests for a 99-year leasehold site in Middle Road. The site is zone as a mixed residential with commercial use on the ground level.
The top bidder came from Wing Tai Holdings with a S$492 million that translated to $1,458 per square foot per plot ratio. The MCC Land (Singapore) and Great view Investment had came in the second place with a $1,393 psf ppr.
Few other property developers that are keen are City Developments Limited and MCL Land (joint partnership), GuocoLand, Intrepid Investments and Hong Realty, Far East Organization and JBE Development. JBE Development came in to have the lowest land bid of $351.96 million or S$1,043 psf ppr.
The mixed residential and commercial site spans 80,300 sq ft and can potentially yield an estimated of 375 homes. The site was zone with one side that is going to build as a low-rise of up to six storeys, and a high-rise building of up to 20 storeys.
The rare residential site in one of the popular central location has been a keen site for many developers.
The middle road project to be known as THE M Condo will be preview in 2020. Register here for Early VVIP Preview invitation + Early-Bird Price.