CDL places sole bid for Zion Road GLS site : A City Developments Ltd (CDL) joint venture (JV) secured the only bid in a state land tender for a residential plot at Zion Road, marking a significant move in the real estate landscape. This was announced by URA today in its press release on Zion Road GLS Bidding.
The consortium, comprising CDL and other partners, placed a bid of S$1.1 billion for the site, showcasing confidence in the potential of the location. Situated on the fringe of the prime River Valley residential district and proximate to Orchard Road, the Zion Road site presents an enticing opportunity for developers.
The bid, amounting to S$1,202 per square foot (psf) per plot ratio (ppr), emerged lower than the projected range of S$1,300 to S$1,700 psf ppr by most industry analysts. This bid is also 30.6% below the price of the last government land sales (GLS) site in the area, indicating a strategic acquisition move by the CDL JV. Notably, this offer contrasts with past state tenders for city-fringe parcels, underscoring the uniqueness of the Zion Road opportunity.
Spanning across 15,277.9 square meters, the Zion Road site holds the potential to accommodate up to 1,170 residential units, including 435 serviced apartments, meeting the evolving demands of urban living. It is zoned for residential with commercial utilization on the first storey, further enhancing its appeal to prospective residents and investors. Additionally, the inclusion of a designated space for a childcare center underscores the commitment to creating a holistic living environment.
A significant aspect of this development is the introduction of a new category of long-stay serviced apartments, catering to the growing trend of extended stays in urban areas. This innovative approach aligns with the shifting preferences in the rental market, where longer-term accommodations are increasingly sought after.
The CDL JV’s successful bid for the Zion Road site signifies a strategic move in the competitive real estate landscape, promising a blend of upscale living, modern amenities, and lucrative investment potential. The area is close to Orchard Road (known for its world class shopping) and River Valley residential area.
