The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Pheng Geck Avenue to Santarli Corporation Pte Ltd. The company submitted the highest bid of S$114.8 million for the 4,850 square metre site.
The site has a maximum permissible gross floor area of 16,977 square metres. This translates the top bid to about S$6,762 per square metre, or S$628.23 per square foot per plot ratio.
The other bids for this site ranged between S$113.75 million and S$92.5 million.
The residential site was launched for sale by public tender on 15 May 2012 and closed on 28 June 2012. The land parcel was offered for sale on a 99-year lease term.