City Developments shells out cash for S$562.8m home site bid

It's 2.4% above the second highest bidder.

According to OCBC, City Developments was part of a consortium that put in the top bid of S$562.8m at a GLS tender for a residential site at Commonwealth Ave. 

The firm said that CDL would have a 30% stake in this project. The tender attracted three bidders in total, and CDL’s bid was 2.4% above that of the second highest bidder.

Here's more from OCBC:

The site has a land area of 12.1k sqm and a maximum GFA of 59.2k sqm, and is across the street from the Queenstown MRT station – an attractive location.

We estimate breakeven and selling ASPs of S$1.35k psf and S$1.6k psf, respectively, for the 99-year condominium project with ~700 units, and expect this acquisition to accrete 4 S-cents to CDL’s RNAV.

Recent transactions over the last twelve months at Alexis, the last private condominium (freehold) launched in that area, were at ASPs of S$1.65k psf.