Developer said to have triggered plum site

Singapore – A developer from mainland China is likely to have triggered the plum Central Boulevard site from the government’s reserve list, The Business Times understands.

Urban Redevelopment Authority (URA), which announced on Friday that the site had been triggered for launch, did not name the party that successfully applied for the site’s release. Recent EC launches include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire ECBellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC, Bellewaters EC.

The applicant has undertaken to bid at least S$1.536 billion – which works out to S$1,010 per square foot per plot ratio (psf ppr) for the white site – which has to be developed into a predominantly office project.

The 1.1-hectare white site is next to Asia Square Tower 1, which was sold recently for S$3.38 billion. That deal has raised Singapore’s profile again as a property investment destination to big international investors, say market watchers.

Industry players told BT that big property groups from overseas and Singapore have been studying the site with increasing intensity in recent months. However, local players eschewed making an application to URA for the site’s release as they believe successful applicants of reserve-list sites typically suffer a “curse” of not clinching the site at tender. Instead they waited for a foreign developer to trigger the site – and a mainland China player finally obliged. However, sources declined to identify the party that did the honours.

signature at yishun ec executive condo site pic 1