City Developments Limited Top Bids for Handy Road Site at Dhoby Ghaut

City Development Limited (LTD) has always been famous for bidding high for big projects. They have a history of completing big tenders in the niche of development and Re development. Recently the bid on two projects i.e. for the development of a plot in Handy road near MRT station Dhobi Ghaat, They bid $212.2 million. And secondly they gave a quotation of $472.4 million for a land in West Coast Value.

City Developments Limited Place Top Bids for Handy Road Plot

Nobody crossed this figure set by them. They have a very organized plan of development at these two projects for City Developments Limited. Singapore is developing with a great agility, the flat residential system is common here. CDL selectively chose these two projects because they can be very beneficial for residential community in Singapore. They have an extensive residential plan of Building three towers of 8-10 storey high with a basement car Parking. These flats are expected to give good profit to the company as this location is very favourable for residency. There is a market and community centres near it.

Selling Price for CDL Handy Road Plot

For the Handy Road Project CDL bid price was almost 12.3 percent higher than last highest bid for the plot of land at Dhoby Ghaut Road. They are most likely to be awarded this project. For Handy Road project CDL bought a land at a purchasing rate of $1722 per square feet and looking to sell at an average price of $2650 per square feet. For the land in West Coast Value, CDL bid price was 35 percent higher than that last highest bid. Before CDL the highest bid value was $592 square feet and CDL gave the price of $800 per square feet. According to Mr. Song, this is the highest value till now.

CDL to invest in More Land Sites

By this way CDL won the bids and gave their plan to the public for their residential site. CDL invested a lot in this project and it is expected that, till the completion of the site, prices may be much higher and CDL can make more profit than they calculated. CDL is very selective in the project selection. They do not bid on every project. Usually they invest on big long Term projects and their 100{71b2ba7deeac5035eb25195d08b84fd34c049012bd9cc107195fdd9c9fdb194c} success rate gives them more confidence to bid further. It is expected that more than 3 residential towers will be made during the course of time. CDL is expected to do business at a profit rate of 40{71b2ba7deeac5035eb25195d08b84fd34c049012bd9cc107195fdd9c9fdb194c}. According to the chairman of CDL, owing to the fast growth of residential sites of Singapore, they will invest more and more for the development of local bank in the state.

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