Club Street Hotel site draws top bid of S$2,148.50 psf ppr

State tenders for three sites closed on Tuesday, Jan 15, 2019.

Based on provisional results released, a premium hotel site along Club Street in the Central Business District drew eight bids. The highest bid, from Midtown Development (which is part of the Worldwide Hotels Group that also includes Hotel 81), was S$562.2 million, which works out to S$2,148.50 per square foot per plot ratio (psf ppr).

A private housing site along Kampong Java Road scored seven bids. The highest bid, from Chip Eng Seng Corporation’s unit CELH Development, came in at S$418.38 million or S$1,192.26 psf ppr.

An executive condominium housing site along Tampines Avenue 10 fetched seven bids.

The highest bid, from a partnership between Hoi Hup Realty and Sunway Developments, came in at S$434.45 million or S$578.12 psf ppr. This was a tad higher than the next highest bid, from MCC Land (Singapore), at S$431.62 million or about S$574 psf ppr.

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The lowest bid, from JBE Development, was at S$335 million or about S$446 psf ppr.

All three sites have 99-year leasehold tenure.