Allgreen Properties, a key player in the Singaporean real estate scene, has recently made headlines with its successful bid for the Zion Road Parcel B site. The developer, part of the renowned Kuok Group, placed a top bid of S$730.09 million for this plot, which works out to around S$1,304 per square foot per plot ratio (psf ppr). This bid was notably 10.5% higher than the second-highest offer, demonstrating Allgreen’s confidence in the site’s potential.
Located near Allgreen’s existing Great World City Promenade Peak development, the Zion Road site spans 99,953 square feet and comes with a 99-year leasehold. It is expected to yield approximately 610 private residential units, making it a significant addition to the area’s residential landscape. The site was offered under the Government Land Sales (GLS) reserve list, with a minimum bid set at S$604.6 million, but Allgreen’s offer far exceeded this threshold.
The Zion Road site’s appeal lies in its strategic location. It is within walking distance of two MRT stations—Great World and Havelock—which offers future residents unparalleled access to the rest of Singapore. The site is also close to popular amenities such as Great World City mall, Robertson Quay, and Orchard Road, making it an attractive choice for those who value both convenience and lifestyle. The area offers a unique blend of urban living and riverside tranquility, catering to a range of prospective homeowners looking for comfort, accessibility, and vibrancy.
Despite global uncertainties and the high cost of financing, Allgreen’s bid signals a strong belief in the site’s future potential. This belief is further supported by the fact that the bid price per square foot for the Zion Road Parcel B site is higher than that of the neighboring Zion Road Parcel A, which was awarded to a joint venture between City Developments Ltd and Mitsui Fudosan.
Allgreen Properties’ acquisition of the Zion Road site further demonstrates the developer’s ongoing strategy to expand its portfolio in prime locations across Singapore. The development is expected to play a vital role in meeting the growing demand for residential units in the area, contributing to Singapore’s broader urban development goals. The Zion Road Parcel B site will undoubtedly be a key part of Allgreen’s vision for a sustainable and vibrant urban environment.