Sunway MCL consortium tops S$2.1 bil bid for Singapore Bayshore site

KUALA LUMPUR (July 16): A consortium including Sunway's Singapore unit, Sunway MCL Ltd, has emerged as the top bidder for Singapore's Bayshore Drive government land sales site with a bid of S$2.1 billion (RM6.62 billion).

Sunway Property rebranded its Singapore operations as Sunway MCL after Sunway Group acquired MCL Land for S$738.7 million (RM2.42 billion) last year.

The consortium led by Frasers Property Ltd also includes Frasers Centrepoint Trust (FCT), Sekisui House and Lum Chang Building Contractors. Its bid of S$1,323 per sq ft per plot ratio was 5.8% higher than the second-highest offer, according to a statement by Frasers Property.

The tender remains subject to the government's confirmation.

The 99-year leasehold site spans 57,460.6 sq m and has a maximum gross floor area of about 149,398 sq m (1.6 million sq ft). It is directly integrated with Bedok South MRT station on the Thomson-East Coast Line and a new bus interchange, making it one of the largest mixed-use government land sales sites launched in Singapore.

The proposed development is expected to include up to 1,280 residential units and 242,188 sq ft of commercial space, including a retail mall with about 160,000-180,000 sq ft net lettable area. Under the current Urban Redevelopment Authority (URA) Master Plan, it is the only mixed-use site in the Bayshore precinct and is intended to serve as the area's retail, transport and community hub.

If the tender is awarded, Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential component, while the retail mall will be jointly developed and fully owned by FCT, Sunway MCL and Sekisui House.

Frasers Property Singapore chief executive officer Soon Su Lin said the bid reflects the group's confidence in the long-term growth potential of the Bayshore precinct and Singapore's East Coast region.

FCT CEO Richard Ng said the project provides an opportunity for the trust to establish a new suburban retail mall while creating a pipeline for future acquisitions.

Sunway MCL CEO Lee Tong Voon said the project marks the company's first partnership with Frasers Property and combines the strengths of the consortium to deliver a well-connected mixed-use destination.

A joint venture between Sunway MCL and CSC Land Group (Singapore) submitted the highest bid for Singapore's River Valley Green (Parcel C) government land sales site last month.

The 11,516 sq m site attracted four bids when the tender closed on June 18.

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