Bedrock Ventures is a wholly owned subsidiary of private developer Woh Hup. The CDL-led consortium is structured on a 90:10 equity split.
The Tanjong Rhu Road Government Land Sales (GLS) site received a top bid of $1,455 psf per plot ratio (ppr) from a joint venture involving a unit of City Developments (CDL), beating out four other bidders for the first land parcel in the area since 1997.
With a bid of over $709 million, CDL Constellation and Bedrock Ventures edged out the second and third bidder by around 2.5%, according to data released by the Urban Redevelopment Authority (URA) on Feb 5.
