Saturday September 22, 2012
S$516m bid for Redhill site stuns market watchers
SINGAPORE: A bullish bid of more than S$500mil for a Redhill residential site has left market watchers stunned.
The site attracted several big players but none matched the knockout price offered by a consortium comprising Wingstar Investment, Metro Australia Holdings and Maxdin.
They lodged an offer of S$516.3mil, or S$960 per sq ft per plot ratio (psf ppr), for the 99-year leasehold site in Prince Charles Crescent. Experts had tipped a top offer of S$950 psf ppr, with most expecting bids well below that.
Wingstar is a unit of Wing Tai Holdings, which has projects like Le Nouvel Ardmore and Nouvel 18 in the posh Ardmore Park area. Metro Australia is owned by local firm Metro Holdings, while Maxdin is part of United Engineer's Greatearth Holding.
Next up was a joint bid from Intrepid Investments, Verwood Holdings and Hong Realty (Private), which lodged S$508.9mil, or about S$947 psf ppr.
Sherwood Development, a unit of Keppel Land, was third with a bid of S$488.2mil, or $908 psf ppr. Plan Achieve was the lowest of the eight bidders with S$433.2mil, or about S$806 psf ppr.
The tender for the 23,785 sq m site, which could yield about 590 units, closed on Thursday.
It was on the reserve list of the Government Land Sales programme.
In July, the Urban Redevelopment Authority accepted an application from a developer to put the site on sale. ANN/The Straits Times