KUALA LUMPUR: Tycoon Tan Sri Robert Kuok's Allgreen Properties Ltd submitted the winning bid of S$730 million (RM2.53 billion) for a 99-year leasehold plot in Zion Road, amid tepid bidding interest,Singapore's The Straits Times reported.
It said the plot was the latest land on the government's reserve list which was released for sale after the Urban Redevelopment Authority received an application committing to a minimum bid of S$604.6 million.
The tender for the site closed on July 18, with Allgreen's bid coming in 20.8 per cent higher.
It said there was only one other bidder for the plot which sold for S$1,304 per square foot per plot ratio.
The plot can yield 610 new private homes.
Analysts told The Straits Times, demand for the plot was tepid on concerns over potential competition from other recently awarded government land sales private housing sites in the vicinity.
It said the just announced sale was at an 8.5 per cent premium to that of an earlier adjacent site on Zion Road which was awarded in April 2024.
Analysts said it probably commanded a higher price because of the absence of a requirement to provide long stay serviced apartments, which rendered this project less complex and risky.
Including the long-stay serviced apartments from Zion Road Parcel A, and River Valley Green parcels A and B, about 2,740 new private homes are due to be developed in the area.
"Another 470 units could be added if the River Valley Green (Parcel C) plot on the reserve list is triggered for tender," JLL's head of residential research for Singapore Chia Siew Chuin told The Straits Times.