Tender for historic Moulmein Road site awarded to Dempsey Hill developer

SINGAPORE – Country City Investment was awarded a tender on Dec 8 to redevelop

2 Moulmein Road

, a sprawling estate of more than 40 heritage buildings near Novena.

Put up for tender in May 2025 by the Singapore Land Authority (SLA), the state property had attracted 13 bids for master tenancy of 44 buildings on the 91,000 sq m estate.

Country City, which is known for transforming the former Tanglin Barracks into lifestyle enclave Dempsey Hill, submitted the highest offer of $388,800 a month, followed by Cherrylofts Resorts and Hotels at $382,000. An offer of $290,000 came from SA31, an entity linked to IndoChine Group’s chief executive officer Michael Ma.

Mr Chris Archibold, Colliers managing director of office services in South-east Asia, said the difference between the highest and second-highest bids was marginal.

“Country City Investment’s strong track record in transforming similar heritage assets into vibrant F&B and retail enclaves... may have provided them with the slight edge as 60 per cent of the evaluation weightage is on the quality of developers’ concept,” he noted.

Analysts say the top bid of $388,800 translates into about 39 cents per sq ft (psf) on land, and $2.78 psf a month on gross floor area (GFA). In comparison, median retail rents in District 11 in the third quarter were $12.60 psf a month, which means the base rent is low enough to make it feasible.

The buildings are located on a 985,350 sq ft site with an estimated GFA of 139,705 sq ft.

Of the 44 buildings, 23 are subject to addition and alteration guidelines to retain the character of the site. The other 21 buildings cannot be demolished, but are exempt from these guidelines.

Country City Investment, a property investment company that has managed parts of the SLA’s Dempsey Hill cluster since 2007, said the 2 Moulmein Road project is slated to open in the first quarter of 2027.

Planned offerings include thematic zones designed for different age groups and interests, restaurants and cafes, sports and wellness facilities, and enrichment and learning spaces for families, youth and seniors, as well as pet-friendly areas.

Mr Dylan Soh, Country City’s business development manager, said: “Our hope is to preserve the heritage of the estate while transforming it into a place where people from all walks of life can gather, explore and feel at home, from dining and wellness to learning, play and a curated retail offering.”

He said the project will introduce new dining, wellness, learning and family-friendly experiences, improved accessibility and more inclusive public spaces.

“The precinct will also feature sports facilities and pet-friendly amenities that serve both Novena residents and the wider community. Ultimately, we want 2 Moulmein Road to be a lively, multifunctional destination where people of all ages can connect, relax and enjoy meaningful experiences,” he said in response to The Straits Times’ questions.

Country City is currently working with SLA on planning and approvals, he added.

First established in 1913 as Middleton Hospital, the state property supported Singapore’s healthcare needs for over a century, later operating as the Communicable Disease Centre until its decommissioning in 2018.

Transforming such an expansive and historical site has not been an easy task, SLA said in a LinkedIn post on Dec 8.

The agency said it engaged the market extensively to gather ideas prior to launching the tender.

“The response was encouraging. We received 13 bids from tenderers keen to embark on the property of this scale and complexity and sharing our vision for its potential as a unique destination for Singaporeans and visitors of all ages,” SLA said.