CDL Top Bids for Handy Road Site and West Coast Vale Site

CDL (City Developments Limited) is a common firm in the West coast area in Singapore, mainly known for developing the condominium at Monterey Park, as well as Hundred Trees. This is an achievement it was able to accomplish ever since its launch. CDL was able to appear as the overall bidder for two of three private housing sites in a tender that ended on January 30th. This top bid was valued at $212.2 million ($1,722 per square feet/ plot ratio) for a property located in Handy Road near Dhoby Gaut. They were also able to bid for $472.4 million for a piece of land in West Coast Vale.

CDL Top Bids for Handy Road Site and West Coast Vale Site

According to the CDL group chief executive, Sherman Kwek, there is great potential in the sites they acquired from the bid. They hope to get more opportunities to increase the local land, even as the market in Singapore gets to gradually recover. They will also try to build and develop three residential towers, each 8 to 10 storeys high, where it will have 200 apartments, as well as car parks located in the basements. The conservation building will be converted into a clubhouse, located in Handy Road site. On the West Coast vale site there is a possibility of building 36 two-storey towers. The other site was at West Coat Vale  which is now the current Whistler Grand Condo.

Handy Road Site More Attractive

The site at Handy Road was able to get 10 bids, with Chong Kuo site having eight, and the West Coast vale receiving six, respectively. The Handy road site seemed to be most attractive, hence getting the highest bids, due to its suitable and convenient location. It was just 12.3{71b2ba7deeac5035eb25195d08b84fd34c049012bd9cc107195fdd9c9fdb194c} higher than the other bid in line. The break-even cost for CDL in a Handy Road project would be valued even at $2,300 psf. The median prices had also increased all the way up to $2,127 psf from 1,900. The bid for a property in West Coast vale was also 35{71b2ba7deeac5035eb25195d08b84fd34c049012bd9cc107195fdd9c9fdb194c} higher from the $592 value for the site. This increase in value may have most likely encouraged developers to invest in the properties.

Increase in Property Prices

The increase in property prices based on their suitability of location is definitely a great opportunity for a market in the properties, Developers and investors can have full confidence in the plots as they have an advantage over prime land, as compared to before. As private housing sites, developers such as CDL would also project for apartments and residential buildings that can be able to bring in great income annually. The closing of the tenders for the three bids was simultaneously closed just after CDL took the bid.

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