Wing Tai Holdings' Wingcharm Investment won a state tender for a 99-year leasehold site in Middle Road for private residential with commercial at first storey use, beating out nine others with its nearly $492 million bid.
Spanning more than 80,000 sq ft, the site will be developed into two 20-storey residential towers and one block of low-rise residences atop a row of commercial units, said Wing Tai yesterday.
The development will be served by the North-South Corridor, which includes the East-West, Downtown and Circle MRT lines. Located within the Bugis district, the prime area also sits close to the Central Business District and Orchard Road.
Ms Tan Hwee Bin, executive director of Wing Tai Holdings, said: "We are excited by the excellent opportunity to create a fresh, exciting living space that caters to urbanites who desire to live in the city and experience its vibrant, cosmopolitan culture."
Other bidders at the tender had included a tie-up between City Developments and MCL Land, a partnership between GuocoLand, Intrepid Investments and Hong Realty, as well as Far East Organization.
City Developments Limited (CDL) has bagged $500 million in two green loans, marking the first time such financing will be used in Singapore for new property developments, the mainboard-listed developer announced yesterday.
A three-year green loan of $400 million will be provided by DBS Bank, which is also the adviser for the loan. Another two-year green loan of $100 million is being extended by HSBC, which is structuring adviser for the loan.
CDL noted that these loans will allow the group to finance new green developments in Singapore and abroad.
"The green loans will be used to finance eligible green development projects as defined in the CDL green finance framework, which was developed to demonstrate how CDL and its group entities intend to fund projects that will deliver environmental benefits to support the group's business strategy and vision," said the company.
CDL's green loans come after its inaugural green bond issuance in 2017. The green bond raised $100 million, which was allocated towards initiatives to enhance energy and water efficiency at its flagship building Republic Plaza.