Singapore

SPH, Kajima make top bid for Bidadari site

A consortium linked to Singapore Press Holdings (SPH) and Kajima Development has placed the highest bid in a state tender for a 99-year leasehold mixed commercial and residential site in Bidadari estate.

It offered $1.132 billion, which works out to $1,181 per sq ft per plot ratio, for the site in Upper Serangoon Road, The Straits Times reported.

The next highest bidder, a tie-up between Far East Civil Engineering and Sekisui House, put in a $1.117 billion offer for the 25,440 sq m site, which can yield about 825 private homes.

There were another 10 bids in the tender, which closed at noon yesterday.

Other bidders included GuocoLand, Kingsford, Sim Lian, Nanshan Group Singapore, Blossom Commercial Development and Chip Eng Seng.

An SPH spokesman said: "If the consortium is awarded the tender, it plans to develop a mixed-use development comprising residential condominium units and a retail mall in the upcoming Bidadari housing estate.

"We will also build a 65,000 sq ft community club, a 20,000 sq ft Neighbourhood Police Centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development."

Head of research and consultancy at JLL Singapore Tay Huey Ying described the top bid as bullish, highlighting how it is some 50 per cent higher than the $775 per sq ft per plot ratio paid for the nearby The Poiz Centre and The Poiz Residences mixed-use residential and commercial Government Land Sales site in August 2014.

FOR MORE, READ THE STRAITS TIMES TODAY

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