CDL makes highest bids for Handy Road
10 bids were drawn by The Handy Road site, with CDL making the top most bid of S$212.2 million which is S$1,722 per sq ft per plot ratio (psf ppr). The second highest bid being lodged by Sing Essential was S$188.9 million.
CDL conveyed that if it was awarded the site, it would explore three buildings of 8 to 10 storey residential towers comprising 200 apartment units with a basement car park. The conserved building could also be converted into a clubhouse.
Tricia Song, Colliers International head of research for Singapore revealed that it was not surprising that the Handy Road site is being attractive and holds the strongest interest. “The margin of win was as wide as 12.3% reflecting CDL’s determination, the top bidder and confidence in this site,” she said. She also added that the top bid, with respect to its price psf ppr, was just short of the benchmark S$1,733 psf ppr which was set by Jiak Kim Road site. Jiak Kim Road site was given to Frasers Centrepoint Limited in the month of December the previous year.
Nicholas Mak, ZACD Group executive director noted that this attractive site was very near to Dhoby Ghaut MRT Station by 100m. Its “small & manageable size” makes it less demanding amongst the developers for redevelopment, said Mr Mak. He also added that there was no Government land sale site available in this vicinity for the past four years.
Still, Mr Mak revealed CDL’s bid was “quite bullish” given that it was 48.9% greater than the price of the neighbourhood Sophia Hills land parcel sold during March 2013 at S$1,157 psf ppr. The breakeven price estimated for the brand-new residential units on the Handy Road site is in-between S$2,340 psf and S$2,400 psf.