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- In a filing with Bursa Malaysia, Gamuda said the provisional tender result was announced by Singapore’s Housing and Development Board (HDB) after the tender closed on Thursday.
Gamuda said it will make a further announcement once it receives the letter of acceptance from HDB.
KUALA LUMPUR (Sept 11): Gamuda Bhd (KL:GAMUDA) said a consortium comprising its Singapore subsidiary and two other companies has submitted the highest bid of S$1.01 billion (about RM3.33 billion) in a tender for a mixed-use residential and commercial site in Singapore.
The consortium partners are Gamuda (Singapore) Pte Ltd, Evia MCS Pte Ltd and H108 Pte Ltd.
In a filing with Bursa Malaysia, Gamuda said the provisional tender result was announced by Singapore’s Housing and Development Board (HDB) after the tender closed on Thursday.
Gamuda said it will make a further announcement once it receives the letter of acceptance from HDB.
The 317,000 sq ft leasehold plot is located at Chencharu Close in Yishun, a township that has been drawing redevelopment interest for its connectivity and growth potential.
It was previously reported that development on the site is will comprise mainly private residential units, and also include commercial and community spaces.
Gamuda’s win comes just a day after Sunway Bhd (KL:SUNWAY) and its Singapore-listed partner Sing Holdings Ltd secured a separate residential site in Chuan Grove after submitting the best bid amounting to S$623.91 million (RM2.05 billion).
The win is the second by the 35:65 joint venture of Sunway and Sing Holdings in Chuan Grove, coming on the heels of its acquisition of an adjacent parcel in July for S$703.6 million. This brings the total purchase price of both plots to about S$1.33 billion.
Earlier this year, IOI Properties Group Bhd (KL:IOIPG) inked a deal to acquire the remaining 50.1% stake in Singapore’s South Beach development from City Developments Ltd for RM2.75 billion (S$834.22 million). The developer now has full ownership of the high-profile mixed-use asset.
Shares in Gamuda closed five sen or 0.89% lower at RM5.55 on Thursday, valuing the construction outfit at RM32.21 billion. Sunway finished unchanged at RM5.29, giving the diversified property developer and healthcare operator a market capitalisation of RM33.17 billion. IOI Properties rose six sen or 2.83% to RM2.18 for a market capitalisation of RM12.0 billion.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
