Last Updated: Nov 16, 2016
IOI Properties Group Berhad Malaysia emerged as the top bidder among 7 others for a white site at Central Boulevard when tender closed on 8 Nov 2016. This piece of 99-year leasehold land comes with a compulsory office component. Bidding at S$1689 psf ppr, the total price is a whopping S$2.57b which sets the record as the highest price offered for a GLS site in Singapore, as well as the highest bid ever in terms of actual quantum.
Mapletree Investment came in as the second highest bid at S$2.21b while in third position was Nanshan Group at S$2.19b. The lowest bid, at S$1.91b came from a partnership comprising OUE, Tang City Properties and Guangzhou R&F Properties Ltd.
As a comparison, a nearby site, which is the current Asia Square Tower 1 was transacted at S$1409 psf ppr, with a total value of S$2.02b back in 2007.
This present site sits at 1.1-hectare and is slated to house 50 storeys, with a maximum GFA of 141294 square metre. At least 100,000 square metre will be used for office space, 5,000 square metre for retail usage and 500 square metre for a childcare. The remaining space can be used for hotels, more office space, serviced apartment, residential and commercial schools.
The whole development – not including the GFA for residential or serviced apartment, and hotel shall not have more than 3 strata lots, meaning strata subdivision is not permitted for sales of office units.
The development will be directly connected to the Downtown MRT Station. It will also be linked to Raffles Interchange MRT as well as the upcoming Shenton MRT Station, making public transportation truly all-weather and world class!
Residential units in downtown core Central Business District are low in supply so rental is good in this area. A new condo launch development, V On Shenton, is conveniently located in the vicinity at 5 Shenton Way. Do check this Singapore condo out for its unique design by world renowned UN Studio and established Architects 61.
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