This plum River Valley site is believed to be record price for a Government Land Sales (GLS) residential plot outside of Sentosa Cove.

Martin Place GLS - new condo by Guocoland

The Martin Place site in District 9 drew 13 bidders, 10 of them local developers - a clear vote of confidence for the Singapore market.
GuocoLand, which is controlled by Malaysian Quek Leng Chan, submitted the top bid of $595.1 million or $1,239 per sq ft per plot ratio (psf ppr). This was just above the next bid of $588 million or $1,224 psf ppr by companies also under the Kwek family - City Developments unit Verwood Holdings, Hong Leong Holdings unit Intrepid Investments, TID Residential, and Hong Realty unit Garden Estates.

Guocoland emerged as the ultimate winner in this hotly contested GLS land bid for the Martin Place land parcel in River Valley

The offer price of $1,239 psf ppr would be a record for a pure GLS residential site and exceeds the $1,163 psf ppr cost for the Highline Residences site in April 2013 and the $1,157 psf ppr for the Sophia Hills plot in September that year. The Sophia Hills site was the last time a District 9 site was put up for sale.

Residential Site at Martin Place

The site is large and Guocoland will be creating a beautiful development here. It is close to Orchard Road and the Singapore River, and just a short walk to the future Great World MRT station.

This plum land parcel in River Valley will be developed into a beautiful luxurious condo by Guocoland

The Martin Place site has a cap of 450 homes, which works out to average unit sizes of about 100 sq m or 1,076 sq ft. Many developers interested in this site were aware of the potential fierce competition therefore the bid had to be bullish. GuocoLand is likely looking to set benchmark prices for 99-year leasehold homes in the area and could be about $2,300 psf, exceeding even prices of freehold homes in the area.

The reputable River Valley Primary School is within one minute's walk to the new condo at Martin Place