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CDL joint venture only bidder for Zion Road site; plans to build 290 long-stay serviced apartments if awarded

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SINGAPORE: A City Developments Limited (CDL) joint venture was the sole bidder for a site along Zion Road that has been earmarked for the pilot of long-stay serviced apartments.

The joint venture between CDL and Mitsui Fudosan (Asia) – whose parent company is Japan’s largest property developer by market capitalisation – placed a bid of S$1,106,888,000 for the 99-year leasehold site.

The tender for the site closed on Thursday (Apr 4). A decision on the award of the tender will be made after the bid is evaluated, said the Urban Redevelopment Authority (URA).

If the joint venture is awarded the tender, CDL said they plan to “explore a mixed-use project” comprising two blocks – one 69 storeys and another 64 – with about 740 residential units for sale, as well as a retail podium.

They also aim to build a 35-storey block with about 290 rental apartment units.

These rental apartments are part of URA’s pilot of a new class of long-stay serviced apartments, which was announced in November last year.

These new serviced apartments come with a minimum lease period of three months. Currently, tenants in serviced apartments are required to stay for a minimum of seven days.

Zion Road is one of the two sites where the pilot is running. The other is at Upper Thomson Road.

The Zion Road site is directly connected to Havelock MRT station on the Thomson-East Coast Line and is close to the Central Expressway and Ayer Rajah Expressway.

It is also next to Great World shopping centre.

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