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GuocoLand wins River Valley Green land parcel at bid price of S$627.8M

Mary Alavanza
By Mary Alavanza

SINGAPORE: GuocoLand won the River Valley Green (Parcel B) site by the Urban Redevelopment Authority (URA) with a S$627,835,896 bid, beating four other bidders when the tender closed on Feb 7.

According to The Edge Singapore, the 99-year leasehold land parcel in Robertson Quay, District 9, is next to Great World MRT station on the Thomson-East Coast Line. It has a gross plot ratio of 3.5 and spans 11,736 square metres (126,325.25 sq ft), with a maximum gross floor area of 442,142 sq ft.

This works out to a land rate of S$1,420 per square foot per plot ratio (psf ppr).

The property will be developed as a high-end waterfront development with two towers and some commercial shops at the first storey, according to a bourse filing on Feb 13.

The purchase and development of the land parcel will be funded through internal resources and bank borrowings. It is not expected to have any material financial impact to the company’s net tangible assets per share or earnings per share for the financial year ending June 30 2025. /TISG

Read also: GuocoLand, Intrepid Investments, and CSC Land Group win Tengah Garden Avenue tender for S$675M

Featured image by Depositphotos (for illustration purposes only)

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