A City Developments Limited ( CDL ) joint venture was the only bidder for a location along Zion Road that has been designated 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 site tender ended on Thursday ( Apr 4). The Urban Redevelopment Authority ( URA ) stated that a decision on the award of the tender will be made after the bid is evaluated.
If the mutual venture is awarded the tender, CDL said they plan to “explore a combined- use project” comprising two blocks- one 69 storeys and another 64- with roughly 740 home units for sale, as well as a financial podium.
Additionally, they want to construct 290 rented apartment buildings on a 35-story wall.
These rental flats are included in URA’s pilot program of a new long-stay serviced apartment category that was unveiled in November of last year.
These brand-new, serviced rentals come with a  and a three-month required contract. Residents in serviced apartments are now required to stay for at least seven days.
One of the two locations where the captain is taking place is Zion Road. The different location is Upper Thomson Road.
The Zion Road location is close to the Central Expressway and Ayer Rajah Expressway, and it is instantly connected to the Havelock MRT stop on the Thomson- East Coast Line.
The Great World shopping center is right next to it.