Frasers Property and Frasers Centrepoint Trust, alongside partners Sunway MCL, Sekisui House and Lum Chang Building Contractors, have submitted a top bid of S$2.1bn (€1.42bn) to develop a mixed-use site at Bayshore Drive in Singapore.
The consortium’s bid, which is 5.8% higher than the next nearest offer, will see the partners develop one of Singapore’s largest mixed-use Government Land Sales sites to date, anchored by the Bedok South MRT station.
If awarded, the partners intend to build a scheme comprising up to 1,280 homes and 22,500sqm of commercial space.
The residential side will be jointly delivered by Frasers Property, Sunway MCL, Sekisui House and Lum Chang.
FCT, Sunway MCL and Sekisui House will develop and fully retain ownership of the retail component, which is set to include a 22,100sqm shopping centre with a net lettable area of up to 16,700sqm.
Soon Su Lin, CEO of Frasers Property Singapore, said: “Being the top bidder for the Bayshore Drive site reflects our strong confidence in the long-term potential of the Bayshore precinct and the East Coast region.
“As the only mixed-use development and transit hub of Singapore’s new Bayshore waterfront precinct, this represents a defining opportunity to shape a highly connected, liveable and future-ready community.”
Richard Ng, CEO of Frasers Centrepoint Asset Management, said: “The project allows FCT to harness development as a new growth driver at an attractive yield, while creating a pipeline for future acquisition.”
Lee Tong Voon, CEO of Sunway MCL, said: “Bringing together the complementary strengths and expertise of our consortium partners, which also include Sekisui House and Lum Chang, we are well-positioned to deliver a highly connected and vibrant mixed-use destination.”
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