Wingcharm Investment, a subsidiary of Wing Tai Holdings, has been awarded the 99-year leasehold site at Middle Road by the Urban Redevelopment Authority (URA), after it submitted the highest bid of $492 million.
Located within the Bugis area, the site has an area of over 80,000 sq ft and is close to the central business district and Orchard Road. It will be directly served by the North-South Corridor as well as the East-West, Downtown and Circle lines.
Wing Tai intends to develop the site into two 20-storey residential towers and one block of low-rise residences atop a row of commercial units.
“As it is within the Central Area, we are excited with the excellent opportunity to create a fresh, exciting living space that caters to urbanites who desire to live in the city and experience its vibrant, cosmopolitan culture,” said Tan Hwee Bin, executive director of Wing Tai Holdings.
Wing Tai noted that the development’s design will take into account the modern lifestyle needs of home buyers and residents.
“We will offer highly livable and functional spaces that are maximised for user needs. Our design will be infused with welcomed greenery to rearticulate the experience of comfortable, contemporary urban living,” noted Tan.
URA also awarded the residential site at Sims Drive to Intrepid Investments (a subsidiary of Hong Leong Holdings) and CDL Constellation, a wholly-owned unit of City Developments Limited.
This comes after the consortium submitted the top bid of $383.53 million for the 99-year leasehold site.
The 16,225.2 sq m site received a total of five bids during the close of its tender on 28 March.
Source From: https://www.propertyguru.com.sg/property-management-news/2019/4/179319/wing-tai-wins-middle-road-site-after-submitting-highest-bid