UOL and Singapore Land emerged as top bidder for Reservoir Road tender

The duo put in a top bid of $320 million or $465psf ppr, said DBS.

The duo beat the next bidder, which is a partnership between Frasers Centrepoint, Far East Organization and Skisui House by 2.6%.

In total, the site attracted 8 bids with the lowest bid starting from $201 million or $292 psf ppr.

The 491,080 sf site with a plot ratio of 1.4x and 5-storey height limit can house 687,523 sf pf GFA. Leveraging on the proximity to Bedok Reservoir, the group intend to build a low-rise condominium project with resort ambience, possibly some strata terrace houses.

Breakeven cost is estimated to be around $800 - $850 psf and selling price could range from $900 - $1000 psf. Recent transactions at the Waterfront Isle, Waterfront Key and Waterfront Gold, which are in the vicinity, ranges from $902 to $1,278 psf. This would translate to a 10-15% margin. DBS thinks that the price is fair and should be accretive for both UOL Group and Singapore Land earnings. However, at this point of time DBS is unable to ascertain the impact on both developers' RNAV as no announcement on the JV structure has been made yet.

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