Share
PETALING JAYA (Sept 18): Eco World Development Group Bhd (EcoWorld) has won a tender for a Singapore residential development site with a bid of S$208.099 million (about RM667.6 million), marking its debut as a property developer in the city-state.
In a statement on Friday (Sept 18), EcoWorld said Singapore’s Urban Redevelopment Authority (URA) awarded the 4,283.4 sq m site at Lorong Puntong/Sin Ming Avenue to its wholly owned subsidiary, Eco World Development (S) Pte Ltd.
The land has a 99-year leasehold tenure and may be developed into residential condominiums or flats, with a maximum permissible gross floor area of 11,994 sq m. URA has estimated that the site could yield about 140 homes.
Tender results previously reported by EdgeProp Singapore showed that EcoWorld’s offer was the highest of seven bids submitted when the tender closed on Sept 15. The bid translates to S$1,612 psf per plot ratio.
It was 11.1% above the second-highest bid of S$187.33 million submitted by a joint venture between Hong Leong Holdings and TID.
EcoWorld plans to launch the project in 2028 under VERSIONE.
EcoWorld president and chief executive officer Datuk Seri Chang Khim Wah said the site is a three-minute walk from Bright Hill MRT station, which is expected to become an interchange station by 2030.
He said the site’s road and rail connections provide access to Singapore’s central business district, Orchard Road and Marina Bay.
According to EcoWorld, the site is directly opposite Ai Tong Primary School and is within 2km of amenities including Thomson Plaza, Junction 8, MacRitchie Reservoir, Bishan–Ang Mo Kio Park and Windsor Nature Park.
Chang said its transport connections, surrounding amenities and proximity to educational institutions would help the development appeal to affluent home upgraders and multigenerational families.
EcoWorld has maintained a marketing presence in Singapore since 2015. Chang said Singaporeans live in its Eco Botanic and Eco Spring townships, while Singaporean industrialists operate at its Eco Business Parks in Iskandar Malaysia.
..........
EdgeProp monthly brings you data, insights and solutions for an evolving market. Subscribe now for your free copy!
