Zion Road Parcel B Awarded to AllGreen for $730m

Two bids were submitted for the 99-year leasehold, 99,953 sq ft site at Zion Road (Parcel B) GLS by tender. Based on analysis, the site has the potential to accommodate approximately 610 residential units.

Allgreen Properties, controlled by the Kuok family, emerged as the top bidder with a staggering $730.09 million for the site spanning 99,953 sq ft. The maximum gross floor area (GFA) allowed for this site is 559,745 sq ft. The bid price translates to a land rate of $1,304 psf per plot ratio (ppr).

In the latest development, Hong Leong Holdings, owned by the Kwek family, has submitted a bid of $660.8 million or $1,181 psf ppr for the site, which is the second highest bid.

An undisclosed developer recently triggered the sale of Zion Road (Parcel B) after it had been on the Reserve List of the Government Land Sales (GLS) programme since 2018. The developer submitted an application to URA in April. Based on information from sources, it was revealed that the developer responsible for initiating the project was Allgreen. They had stated a minimum price of $604.57 million or $1,080 per square foot per plot ratio.

Adjacent to the property is Zion Road (Parcel A), which was acquired by a partnership between Singapore-listed City Developments Ltd (CDL) and Mitsui Fudosan, a prominent Japanese developer. The site was secured for a substantial amount of $1.107 billion ($1,202 per square foot per plot ratio) in April. By the way, Zion Road (Parcel A) was the initial GLS plot to introduce long-stay serviced apartments, requiring a minimum stay of three months.

The site is zoned for residential use with commercial space on the first floor. It has a 99-year leasehold and spans over 164,439 sq ft. With a plot ratio of 5.6 and a maximum gross floor area (GFA) of 920,871 sq ft, the site offers significant development potential. The URA has indicated that the site has the potential to accommodate 1,170 residential units, which may include long-term serviced apartments. The site also includes an additional 25,834 sq ft of commercial space.

CDL announced plans for a mixed-use project on the site, which will include residential units for sale across two tall towers, a retail podium, and a block of rental apartments.

According to Mark Yip, the CEO at Huttons Asia, the bid for the Zion Road Parcel B site was 8.49% higher in terms of land rate compared to the Parcel A site. This difference in bid can be attributed to the fact that there are no long-stay serviced apartments on the Parcel B site. According to the expert, the Parcel B site is conveniently situated near two MRT stations and will greatly profit from the future retail space on the Parcel A plot.

 

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Review of Zion Road Parcel B GLS