Allgreen%E2%80%99S 1304 Psf Ppr Top Two Bids Zion Road Parcel B
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Two offers were received for the 99-year leasehold site at Zion Road (Parcel B) at the tender closing on July 18. The site, which is 99,953 sq ft in size, has the potential to accommodate around 610 residential units.
The highest bid of $730.09 million was submitted by Allgreen Properties, which is controlled by the Kuok family. This translates to a land rate of $1,304 psf per plot ratio (ppr). Meanwhile, the second highest bid of $660.8 million, or $1,181 psf ppr, was submitted by Hong Leong Holdings, owned by the Kwek family.
Zion Road (Parcel B) had been on the Reserve List of the Government Land Sales (GLS) programme since 2018. It was triggered for sale in April by an undisclosed developer, which was later revealed to be Hong Leong Holdings. The minimum bid price set by the developer was $604.57 million, or $1,080 psf ppr.
According to sources, Hong Leong’s decision to trigger the site may have been a defensive move, as its sister developers, City Developments Ltd (CDL) and Mitsui Fudosan, had been awarded the adjacent Zion Road (Parcel A) site in April. The sole bid of $1.107 billion, or $1,202 psf ppr, for this site was submitted by CDL and Mitsui Fudosan.
It is noteworthy that Zion Road (Parcel A) is the first GLS site to offer long-stay serviced apartments with a minimum stay of three months. The 99-year leasehold site, which spans 164,439 sq ft, is zoned for residential and commercial use. It has a plot ratio of 5.6 and a maximum gross floor area (GFA) of 920,871 sq ft. URA has stated that the site has the potential to accommodate 1,170 residential units, including long-term serviced apartments, as well as 25,834 sq ft of commercial space.
CDL had previously announced plans to develop a mixed-use project with 740 residential units spread across two 69- and 64-storey towers, a retail podium, and a 35-storey block of 290 rental apartments on the Parcel A site.
Mark Yip, CEO of Huttons Asia, has attributed the 8.49% higher bid for the Zion Road (Parcel B) site to the absence of long-stay serviced apartments. Additionally, he points out that the site is in a prime location, with two MRT stations nearby, and that it will benefit from the upcoming retail space on the adjacent Parcel A site.