Group led by Hong Kong conglomerate New World Development wins Singapore plot for US$306.76 million
Deal sets per square foot record for government residential land sale
Hong Kong conglomerate New World Development is part of a consortium that has won the tender for a luxury residential site close to Orchard Road, Singapore’s famous shopping and entertainment strip, securing the plot for S$2,377 per square foot, a record for all government residential sites in the city.
New World, which is controlled by the Cheng family, teamed up with Singapore-based SC Global Development and Hong Kong-listed Far East Consortium to outbid eight competitors for the S$410 million (US$306.76 million) deal, Singapore’s Urban Redevelopment Authority said on Thursday.
“It sets a record for government residential land sales in terms of per square foot,” said Ong Teck Hui, national director for research and consultancy at JLL Singapore.
The site, a prime location in Singapore, is significantly cheaper than comparable land in Hong Kong. On Tuesday, Sun Hung Kai Properties won a bid for a plot of residential land at the city’s former Kai Tak Airport site, paying a record HK$25.16 billion (US$3.2 billion), which translates into HK$17,776 per sq ft.