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Cuscaden Road GLS site to be developed into luxury residence

19 May, 2018

A RESIDENTIAL Government Land Sales (GLS) site at Cuscaden Road, which fetched a top bid of S$410 million, will be developed into a luxury residential project "enriched by a focus on arts and culture".

This was disclosed by Adrian Cheng, executive vice-chairman and general manager of New World Development, on Thursday.

The 5,722.5 sq m site was awarded to a consortium comprising SC Global Developments, New World Development Company and Far East Corsortium International, through their indirect wholly-owned subsidiaries.

The subsidiaries are Amberden (SC Global), Orchard Square (New World Development) and FEC Properties (Far East Consortium International).

The tendered price of S$410 million, announced in April, set a new record for GLS sites of S$25,588.22 per sq m of gross floor area (GFA).

Simon Cheong, chairman and CEO of SC Global, noted that it has been more than a decade since a GLS site on Orchard was put up for sale.

"Having created a number of the benchmark properties in the Orchard area, we are extremely pleased to have won the bid in collaboration with our renowned partners, who share the same vision in delivering original residences that raise the bar in luxury living," he said.

On Thursday, the Urban Redevelopment Authority (URA) said the tenders for the sites at Cuscaden Road, Mattar Road and Silat Avenue have been gone to the highest bidders - or in the case of Silat Avenue, the sole bidder.

The site on Silat Avenue, a 22,852 sq m part-residential and part-residential-with- commercial-at-first-storey development, was awarded to UOL Venture Investments, UIC Homes and Kheng Leong Company.

The consortium submitted the sole bid of S$1.035 billion, which works out to a psm of GFA of S$12,244.68, for the site that can yield some 1,125 units.

The site on Mattar Road, a 6,230.2 sq m residential development, has gone to FSKH Development, at a tendered price of S$223 million. The psm of GFA is S$11,931.89.

The tender for the site on Cuscaden Road was launched on Feb 27 this year while that for the sites on Mattar Road and Silat Avenue were launched on March 16. All three tenders closed on April 26. The land parcels were offered for sale on 99-year lease terms.

Adapted from The Business Times, May 18th, 2018.