UOL & Sing Land: Won with sole bid of $529m for commercial site at Sims Ave/Tanjong Katong Rd launched by URA. The site was launced on 26 July and has a max GFA of 86.9k sqm. At this price, the land is apparently 35% lower compared to another commercial site at Paya Lebar Central awarded in Apr. UOL has stated that it intends to develop a retail mall with an office tower and hotel for the project and states it will be in line with govt plans to decentralize business activities from the CBD.
UOL has a current P/B of 0.64x and Sing Land at 0.56 P/B. Other property developers City Dev trades at 1.37x P/B and Capitaland at 0.75x