KUALA LUMPUR: Malaysian tycoon Quek Leng Chan-controlled Hong Leong Group (HLG) and related companies have reportedly submitted the highest bid of S$497 million for a government land sale (GLS) site on Margaret Drive in Singapore.
The consortium, consisting of GuocoLand Ltd, HLG's Hong Realty and Hong Leong Holdings Ltd's Intrepid Investments, offers S$1,154 per square foot (psf) per plot ratio (ppr).
Only two bids were received by the close of the tender on August 1, according to a business portal.
The other bid for S$473.55 million (S$1,100 psf ppr), was submitted by a joint venture between Singapore-listed property developer Sing Holdings and Cedar Investments, an investment holding company largely owned by Sing Holdings' Lee family.
The 0.95-hectare, 99-year leasehold residential site on Margaret Drive, located in Queenstown, was launched for sale in May under the Confirmed List of the 1H2024 GLS programme.
The consortium plans to develop 460 private condominium units on this site.
The site is near SkyOasis @ Dawson, where a premium five-room flat of 1,195 sq ft sold in June for a record-breaking $1.73 million ($1,444 psf).
A Singapore-based property consultant noted the high value of the Margaret Drive site, suggesting that the consortium might achieve between $2,100 and $2,400 psf for the condominiums.
"Million-dollar deals like this, especially by reputable developers like GuocoLand, are in the super minority. They will surely be able to secure good sales upon launch," he told Business Times.
GuocoLand, part of Guoco Group Ltd owned by HLG, has a robust track record in developing integrated mixed-use projects and premium residential properties.
According to GuocoLand's website, its investment properties, valued at S$6.20 billion as of June 30, 2023, span key markets in Singapore, China and Malaysia.
One of its significant projects in Malaysia is Damansara City here.