CDL Places Top Bid for Handy Road Site in URA Tender
CITY Developments Ltd (CDL), helmed by Kwek Leng Beng, cast the top bids of S$212.2 million, working out to S$1,722 per square foot per plot ratio (psf per) for a plot in Handy Road near Dhoby Ghaut MRT Station. The URA tender for the Handy Road site in District 9 drew 10 bids, CDL placed a bid that was 12.3% higher than the next highest offer from Sing Essential, believed to be linked to Hong Kong parties. CDL said it would explore building three residential towers – eight to 10 storeys high – with about 200 apartments and a basement car park for the Handy Road site
Tricia Song., head of Colliers International Singapore research, estimates CDL’s breakeven cost for the future project on the Handy Road site at S$2,300 psf and projected an average selling price of S$2,650 psf.
With an expected selling price of S$2,650 psf for CDL’s new project at Handy Road, Sophia Hills by Hoi Hup now looks like a steal, starting from S$2039 psf.
Sophia Hills’ sits a 255,866 sqft which is around 5 times the size of the 51,626 Handy Road site. CDL’s site has an irregular shape and is sandwiched between Suites @ Orchard and Nomu. The blocks are likely to be close to each other due to the smaller land area. With the news of the Handy Road site tender, Sophia Hills will likely sell out it’s remaining 18 units sooner than later.