Wing Tai Holdings’ Wingcharm Investment Pte Ltd won a state tender for a 99-year leasehold site in Middle Road for private residential with commercial at first storey use, beating out nine others with its nearly S$492 million bid.
Spanning about 80,300 sq ft, the Middle Road plot can yield an estimated 375 homes.
The site will be developed into two 20-storey residential towers and one block of low rise residences atop a row of commercial units, said Wing Tai on Friday.
The development will be served by the North-South Corridor which includes the East-West, Downtown and Circle MRT lines. Located within the Bugis district, the prime area also sits close to the central business district and Orchard Road.
Tan Hwee Bin, executive director of Wing Tai Holdings, said: “We are excited by the excellent opportunity to create a fresh, exciting living space that caters to urbanites who desire to live in the city and experience its vibrant, cosmopolitan culture.”
Other bidders at the tender had included a tie-up between City Developments and MCL Land, a partnership between GuocoLand, Intrepid Investments and Hong Realty, as well as Far East Organization.