A record price of S$2.6 billion has been secured for a 99-year leasehold government site, held by the Urban Redevelopment Authority (URA), in Singapore’s marina Bay. This is the first land sale in the area in nine years. The winning bid for the Central Boulevard site was submitted by Malaysian property development firm IOI Properties Group’s unit, Wealthy Link Pte.
Central Boulevard Condo near to Marina Bay Sands
Wealthy Link Pte was one of six bidders competing for the site against international property firms such as Temasek-owned Mapletree Investments, Hong Kong Land – Cheung Kong and CapitaLand. The bid was 16.4 per cent above the second highest bid, equating to S$1,689 per square foot while analysts expected the bids to range between S$1.54 billion and S$1.8 billion. The site of the Central Boulevard Condo development has a gross plot ratio of 13 and maximum gross floor area (GFA) of 141,294sqm. …