UOL Group and its unit Singapore Land (both run by billionaire banker and property mogul Wee Kyaw Yeo) have paid S$428 million for a prime residential property in the Orchard Road shopping belt. The highest bid was made ($320 million).
The 7,031sqm plot on Orchard Boulevard can be built up to a maximum gross floor area of 24,610sqm. UOL plans to build luxury homes over 36 storeys on land with a 99-year leasehold, taking advantage of the panoramic views the skyscraper would offer future residents if the site were awarded to the partners. He said the plan is to build a condominium.
The bid for UOL and the Singapore land was only slightly higher than the second-highest bid of S$418 million offered by a unit of Malaysian billionaire Robert Kuok’s Allgreen Properties. A company linked to Win Tai, run by businessman Chiang Wai Kung, made the third-highest bid of S$408 million.
“This is the first residential land parcel to be launched in the Orchard/Tanglin area since 2018,” UOL Group CEO Liam Wee Sing said in a statement. “This site has a very attractive location and is directly connected to Orchard Boulevard MRT station.”
The Orchard Boulevard site is near Park Nova, Singapore’s most expensive condominium. In 2021, Shun Tak Holdings, a development company run by Hong Kong billionaire Pansy Ho, sold a 5,899 sq ft penthouse for S$34.4 million, a record S$5,838 per sq ft in the Lion City. set the price.
The highest bid amounted to S$1,617 per square foot of buildable space, reflecting subdued sentiment among developers. The asking price was about 32 per cent lower than the S$2,377 paid for state-owned land auctioned on nearby Cascaden Road six years ago.
Last month, a 17,319sqm site in the Marina South precinct, opposite the iconic Marina Bay Sands integrated casino resort, was sold in a solo bid from a Guocoland-led consortium controlled by Malaysian billionaire Kwek Leng Chan. 770.5 million Singapore dollars and more billboards. Housing demand in Singapore has slowed due to rising interest rates and government restrictions on real estate.
The overwhelming response from developers comes as government housing regulations, including an additional stamp duty hike for foreign buyers, coupled with a softening economic climate, are starting to weigh on Singapore’s once robust property market. It happened in a sign. Government data released last month showed developers sold just 6,671 homes in 2023, the lowest number in 15 years. Sales of recently launched properties this year have been subdued.
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