At the close of tender on 8 Oct 2014 for Lorong Puntong GLS, we see yet another Chinese developer trumping local boys among other bidders. Nanshan Group Singapore Co. Pte Ltd. submitted the highest bid of S$173.57 million or about S$731.10 per square foot per plot ratio (psf ppr). This is higher than bids submitted by established local developers such as Allgreen, Sing Holdings and Hong Leong.
A summary of the top 5 bids out of a total of 18 bids, wow ….
|S/N||Name of Tenderer||Tender Price||$psf of GFA|
|1||Nanshan Group Singapore Co. Pte Ltd||173,570,000.00||$731.08|
|2||SL Capital Ventures Pte. Ltd.||161,889,000.00||$681.88|
|3||Sing Holdings Limited and Maxdin Pte Ltd||161,800,000.00||$681.51|
|4||TTH Development Pte Ltd||161,439,333.00||$679.99|
|5||Phoenix 99 Pte Ltd and Kay Lim Holdings Pte Ltd||160,488,199.00||$675.98|
Who is Nanshan Group Singapore Co. Pte Ltd.?
The company is related to China Nanshan Group, a China conglomerate with businesses in aluminum, textile and garment, tourism, energy, building materials, wine, golf, education, and finance.
Is this their first time participating in GLS ?
No, the company participated in the GLS for Potong Pasir commercial-and-residential mixed-use development, and an Executive Condominium along Choa Chu Kang Drive. This is their 1st successful bid in a GLS.
What other properties have they acquired ?
They are interested in the purchase of former Midlink Plaza and believed to acquire the Park Regis Singapore hotel along New Market Street/Merchant Road for around S$250 million