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The bid, submitted by CDL and a wholly-owned subsidiary of private developer Woh Hup Holdings, works out to S$1,455 per square foot per plot ratio (US$12,290 per square meter per plot ratio) for the 131,743-square-foot (12,239-square-meter) site, based on data released by the Urban Redevelopment Authority on Thursday.

The 99-year leasehold parcel marks the first government land sale site in the area since late 1997. The tender opened last November and attracted five bids, according to EdgeProp Singapore.

Justin Quek, deputy group CEO of real estate services group Realion (OrangeTee & ETC), highlighted the site’s proximity to Tanjong Rhu MRT station, Kallang Wave Mall, East Coast Park and nearby oversubscribed BTO flats.

“Healthy participation in this land tender exercise was not surprising,” he said, as quoted by Singapore Business Review.

The CDL–Woh Hup consortium, structured on a 90:10 equity split, won the tender by a slim 2.5% margin over the second-highest offer of about S$1,419 psf ppr submitted by a joint venture between Sunway MCL and AFP Land, a unit of Sinarmas Land.

Sherman Kwek, CDL’s group CEO and son of billionaire Leng Beng, welcomed the narrow win for the “highly sought-after” site.

“This also marks our first JV with Woh Hup and together with their strong construction expertise and reputation for quality, we look forward to creating an icon within this transformative precinct,” The Edge Singapore quoted him as saying.

The joint venture plans to build three 26-storey residential towers comprising around 520 units, and an integrated childcare centre on the site if awarded.

Quack told The Business Times that the development will be designed to “maximize view corridors” and “capture views of The Kallang, Marina Bay and the sea.”

Based on the land cost, property consultancy Knight Frank expects the project to launch with prices starting from S$2,900 psf and an average rate of S$3,000-3,100 psf.

Days before the tender for the site closed, CDL rolled out sales for a high-end condominium project called Newport Residences, which saw a 57% take-up rate over its launch weekend at an average price of S$3,370 psf.

The freehold residences occupy levels 23 to 45 of Newport Plaza, a 45-storey mixed-use tower in Singapore’s central business district that also offers serviced apartments, Grade A offices, retail outlets and restaurants.

CDL is controlled by Leng Beng, who serves as its executive chairman. He and his family ranked second on Forbes’ Singapore rich list last September with a combined net worth of US$14.3 billion.