City Developments Limited (CDL) and Woh Hup Holdings (Woh Hup), through their respective wholly-owned subsidiaries, CDL Constellation Pte. Ltd. and Bedrock Ventures Pte. Ltd., submitted the highest bid of S$709.3 million (or S$1,455 psf ppr) for a prime 99-year leasehold residential site at Tanjong Rhu Road. The Government Land Sales (GLS) tender attracted strong interest, with a total of five bids submitted.
The CDL-led consortium, structured on a 90:10 equity split, emerged as the top bidder with a margin of approximately 2.5% over the second-highest bid, reflecting strong market confidence in the site's long-term prospects. This also marks the first joint venture (JV) between CDL and Woh Hup, though both parties are very familiar with each other since Woh Hup has been the main contractor for various CDL projects.
For the site, the JV will explore a residential development comprising approximately 520 units across three high-rise 26-storey residential blocks, and with an integrated Early Childhood Development Centre. Designed to maximise view corridors, the development is envisioned with a north-south orientation to capture views of The Kallang, Marina Bay and the sea.
Mr Sherman Kwek, CDL's Group Chief Executive Officer, said, “We are very pleased to have emerged as the top bidder for this highly sought-after Tanjong Rhu Road site and at such a narrow margin over the next bidder. Its strategic position within the Kallang Alive precinct, combined with excellent waterfront views and good connectivity, offers a rare and compelling opportunity for a distinctive residential development in one of Singapore's most desirable central enclaves. This also marks our first JV with Woh Hup and together with their strong construction expertise and reputation for quality, we look forward to creating an icon within this transformative precinct.”
