CDL tops bid for Tampines residential site with S$370.1m

CITY Developments Limited has emerged the top bidder with a bid of S$370.1 million for the residential site at Tampines Avenue 10.

This translates to S$565.4 per square foot per plot ratio based on the maximum gross floor area. The site, which was released for public tender under the confirmed list of the first-half 2017 Government Land Sales (GLS) Programme, is estimated to yield about 715 private apartments.

There was significant Chinese interest in the site, with five out of nine bidders being Chinese players.

Kingsford Development tabled the second-highest bid of S$350 million, followed by Qingjian Realty, Nanshan Group, Greatview Investment Pte Ltd and CSC Land Group (Singapore), a subsidiary of China Construction (South Pacific) Development Co Pte Ltd.