Singapore Business Review
COMMERCIAL PROPERTY | Staff Reporter, Singapore
Published: 12 April 2013
It was worth an eye-popping $701.08m.
According to Colliers International, the pricies State land sale in absolute quantum in 1Q 2013 was the award of a 99-year leasehold commercial site on Venture Avenue (Jurong Gateway) to a unit of Sim Lian Group for a whopping $701.08 million or $1,009 per sq ft per plot ratio.
This is also the largest commercial site sold, in terms of absolute quantum value, since September 2007 when the South Beach site was sold to a joint-venture comprising City Developments Limited, Istithmar (part of the Dubai World Group) and EL-AD Group for $1.69 billion or $1,069 per sq ft per plot ratio.
Here's more from Colliers:
The second most expensive State land sale went to a condominium site located on Commonwealth Avenue. It was clinched by a consortium formed by Hong Leong Group and City Developments Limited at a price of $562.82 million or $883 per sq ft per plot ratio.
Following closely behind was another condominium site, located on Ang Mo Kio Avenue 2 and Ang Mo Kio Street 13, which was awarded to Wheelock Properties Limited in January 2013 for $550.00 million or $790 per sq ft per plot ratio.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)