The bid price translates to a price of $2,068.23 psf over the site area of 21.866.7 sqm or 235,371 sq ft. The bid price also translates to a price of $984.85 psf over the maximum permissible gross floor area (GFA) of 494,289 sq ft.
The joint venture (JV) between GuocoLand (SGX:F17
) and Hong Leong Holdings’ wholly-owned subsidiary, Intrepid Investments, has been awarded the Lentor Gardens land parcel. The interest holdings of GuocoLand and Intrepid are 60% and 40% respectively.
The JV partners’ bid price of $486.8 million was accepted by the Urban Redevelopment Authority (URA). They were also the sole bidders of the 99-year leasehold site, which is zoned for residential use.
