GuocoLand: (S$1.82) Emerged top bidder for upmarket residential site
- Placed the top bid of $595.1m, or $1,239 psf ppr, for a District 9 site
- 171,535 sf land parcel has a plot ratio of 2.8 that can yield a maximum gfa of 480,306 sf or ~450 housing units and potential GDV of $1.06b.
- We view the bid as a risky move as the group takes an ouright view that demand will return to the high end residential segment, or perhaps the cooling measures may be removed, when the project is ready for launch.
- GuocoLand is now trading at a 33.6% discount to its RNAV of $2.74.
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