City Dev

City Dev: A JV between CDL and Hong Leong Holdings put in the top bid (S$245m) for a govt land site tender at Tai Thong Crescent. The tender attracted eight bidders and CDL’s bid was 11% above the 2nd highest. The site with a land area of 88.3k sq ft and maximum permissible GFA of 308.9k sq ft, would likely be developed into a mixed-use development of up to 19 storeys with 265 residential units and 28 commercial units on the ground floor. The top bid translates to a land price of S$793 per sq ft GFA and an estimated project-wide breakeven ASP between S$1.2k – S$1.3k psf, which is reasonable given the site location and attractive mix of use.