CDL outbids 8 developers for Jalan Tembusu GLS site with $768 million

One of Singapore’s top property developers, City Developments Ltd (CDL) has acquired a 99-year leasehold site at Jalan Tembusu via the Government Land Sales (GLS) programme.

CDL threw in a top bid of $768 million, which translates to a rate of $1,302 per square foot per plot ratio (ppr).

As a matter of fact, this has topped the previous record land sale in the city fringe region at $1,129 psf ppr.

That was for a private residential site at Northumberland Road, which was acquired by CDL as well. The new launch project is now known as Piccadilly Grand.

The Jalan Tembusu GLS site drew a total of 8 bids from a group of reputable developers.

The group CEO of CDL, Sherman Kwek mentioned that this land acquisition will bolster its current land bank by more than 600 residential units.

The future new launch at Jalan Tembusu could yield 640 units on this 210,619 sqft plot.

He also added that having developed various residential projects within District 15, CDL sees this as an excellent opportunity to establish its presence in the estate and create another stunning iconic project.

The group’s latest residential project in the district is Amber Park. The project is around 90 percent sold to date.

Analysts noted that the outcome of the tender exceeded market expectations despite the latest property cooling measures announced back in December 2021.

The Jalan Tembusu GLS site has excellent location attributes. It’s located near various popular schools, amenities, and also the future Tanjong Katong MRT Station.

Hence, analysts believe that these will help to attract more prospective homebuyers.

The most recent land acquisition nearby was an en bloc sale at Thiam Siew Avenue for a pair of freehold sites.

It was concluded by Hoi Hup Realty and Sunway Developments for $815 million (or $1,488 psf ppr) in November 2021.

Meanwhile, another GLS site at Lentor Hills Road was sold on the day.