SINGAPORE – New World Development Company Limited (“New World Development” or “the Group”), in close partnership with SC Global Developments Pte Ltd and Far East Consortium International Limited (“FEC”), is pleased to announce the success of their joint bid for the highly sought after Singapore’s Government Land Sales (GLS) site on Cuscaden Road in Singapore, at a total premium of S$410 million (around HK$2.4 billion).
This exceptional site in Singapore’s luxury residential market is yet another key investment for the Group after our successful tender for a commercial landmark development in SKYCITY in Hong Kong.
The Cuscaden plot is perfectly positioned in District 10’s Cuscaden Road, an area recognized as one of Singapore’s most prestigious residential addresses. The plot enjoys an optimum level of convenience and connectivity with just a short stroll to Orchard Road shopping area and the Orchard Boulevard MRT station (currently under construction). As one of the rarest releases along Orchard Road from GLS, it attracted a total of nine tenders.
In the face of intense competition for this important opportunity, New World Development, SC Global and FEC have been awarded the tender. The 61,597-square-foot residential plot will provide a maximum of 172,472 square feet of floor area.
Mr. Adrian Cheng, Executive Vice-chairman and General Manager of New World Development disclosed that the land will be developed into a luxury residential project enriched by a focus on arts and culture, introducing ‘The Artisanal Movement,’ a core tenet and brand personality of New World Development, to the Singaporean community.
Mr. Cheng commented: “I am very happy that we will collaborate with SC Global, a leading developer in Singapore, and Far East Consortium, who have a strong track record. The common vision we share with our partners gives me great confidence in the project. Our shared goals in blending art and craftsmanship with residential projects will imbue this space with a cultural approach to living.”
SC Global Developments is a leading developer of upmarket residences with reputable projects in Singapore, Australia, and other places. The company is renowned for exquisite design, infusing all its residential projects with an artistic sensibility and a unique sense of style and taste.
“It has been more than a decade since we saw a GLS site being put up for sale along Orchard Road. Having created a number of the benchmark properties in the Orchard area, we are extremely pleased to have won the bid in collaboration with our renowned partners, who share the same vision in delivering original residences that raise the bar in luxury living. Surrounded by Singapore’s finest hotels with The Regent Hotel in front, St Regis around the corner and Four Seasons to the side, this highly sought after address presents a wonderful opportunity to create a distinctive new collectible befitting both the location and our luxury brands.” said Mr. Simon Cheong, Chairman and CEO of SC Global Developments Pte Ltd.
FEC has been operating in real estate, hotels and other businesses in Asia and the Pacific for more than 40 years. FEC and New World Development are currently building the ARTRA luxury residential project in Singapore’s District 3, closely linked to the Redhill MRT Station. This will be yet another significant investment in residential development in Singapore following the ARTRA project.
Mr. Chris HOONG, Managing Director of FEC commented: “We are very pleased to be part of a consortium to win this prime residential site in Singapore and we are excited to be working with SC Global Development and the New World Development Group to deliver a landmark luxury residential project. A site in this location is rare and our plan is to deliver a high-end residential scheme which will set a new benchmark in Singapore in terms of quality.”
Article contributed by New World Development Company Limited.