Hong Leong-linked venture leads Orchard Boulevard tender with S$181.86 million bid
Five bids were submitted for the Singapore residential plot, which has a 99-year lease and could accommodate about 110 homes.
Intrepid Investments and TID jointly offered S$181.86 million for a housing plot on Singapore’s Orchard Boulevard, topping the tender, according to the Urban Redevelopment Authority. Both firms have links to Hong Leong Group, which is controlled by billionaire Kwek Leng Beng.
The offer was 8.3% above the S$167.85 million bid from Global Resource Construction, the Singapore-listed construction arm of developer SingHaiyi Group. The tender opened in August and drew five bids.
The 3,438-square-metre plot is near the Orchard Road shopping area and has a 99-year lease. Its maximum gross floor area is 9,627 square metres, with capacity for about 110 homes. The leading bid equates to S$1,755 per square foot per plot ratio.
Intrepid Investments is part of Hong Leong Holdings, while TID is backed by Hong Leong Group and Japan’s Mitsui Fudosan. PropNex research and content head Wong Siew Yieng told EdgeProp Singapore that the spread of bids showed developers differed over the plot’s value and forthcoming supply in the Core Central Region.
