The Straits Times
Published on Sep 21, 2012

$516m bid for Redhill site stuns market watchers

It is highest price paid for 99-year condo site near the MRT station


A bullish bid of more than half a billion dollars for a Redhill residential site has left market watchers stunned.

The site attracted several big players but none matched the knockout price offered by a consortium comprising Wingstar Investment, Metro Australia Holdings and Maxdin.

They lodged an offer of $516.3 million, or $960 per sq ft per plot ratio (psf ppr), for the 99-year leasehold site in Prince Charles Crescent. Experts had tipped a top offer of $950 psf ppr, with most expecting bids well below that.

Wingstar is a unit of Wing Tai Holdings, which has projects like Le Nouvel Ardmore and Nouvel 18 in the posh Ardmore Park area. Metro Australia is owned by local firm Metro Holdings, while Maxdin is part of United Engineer's Greatearth Holding.