GuocoLand, a Singapore-listed developer caused a stir on 28 June with its top bid for Martin Place residential site (8 Martin Residences) of $1,239 psf ppr or $595.1 million. The site had attracted 13 bids with the second highest bid having a 1.2% difference from that of GuocoLand’s. The bid by GuocoLand in psf ppr is the highest paid for Government Land Sales pure residential site.
The site which is expected to yield 450 residential units measures 171,535 sq ft. It is located in the prime District 9 at the junction of River Valley Close and Martin Place, walking distance from the future Great World MRT and a stop away from the Orchard MRT.
Tanjong Pagar Centre, Singapore’s tallest building at 290m is also by GuocoLand. The building is linked directly to Tanjong Pagar MRT and comprises of Guoco Tower a Grade A office space, F& B retail space, residential units at Wallich Residence, Sofitel Singapore City Centre a 222-room hotel and urban park. The development has bagged various awards.
(Artist impression of Sims Urban Oasis)
The basement retail and office component received TOP in September 2016. Guoco Tower (the office) is 85% occupied while the mall is 905 occupied.
Customers will get more than shopping at the Tanjong Pagar Centre with occupants such as the second gym by Virgin Active, F&B concepts by Imakatsu and Blue Lotus as well as the urban park with a myriad of events.
The residential units at Wallich Residence occupy 39th to 64th floor of the building. They comprise of 1 to 4 bedroom units, 4 penthouses and one super penthouse. The facilities are at four levels and residents will also enjoy concierge services. The developer has not provided a launch date yet.
GuocoLand entered into the Australia and UK market this year in its bid to expand its global footprint. It announced on October 27 that it intends to subscribe for a 27 percent ownership of Eco World International when it issues an IPO on Bursa Malaysia Securities. EWI intends to raise $620 million to finance the four developments it has in Sydney and London.
Despite the Brexit vote, GuocoLand considered 2016 as the right time to enter the London market.
“Based on the size and complexity of the Australian and UK market, our belief is that the pooled strength of Eco World Development Group and GuocoLand will give us a stronger platform for better and more successful competition in the 2 markets,” said GuocoLand CEO and group president Raymond Choong.
(Name in brackets are subject to confirmation)