The Urban Redevelopment Authority (URA) closed the tender for the residential site at Prince Charles Crescent today.
A total of eight bids was received with the top bid coming in at about S$516.3 million or S$960 per square foot per plot ratio by Wingstar Investment, Metro Australia Holdings and Maxdin Pte Ltd..
Wingstar Investment is a wholly-owned subsidiary of Wing Tai Holdings and Maxdin is a wholly-owned subsidiary of UE E&C Ltd. which is a unit of United Engineers Ltd.
Factoring construction cost, the estimated selling price of the residential units built at the site could be in the range of S$1,600 to S$1,650 per square foot (psf).
The site at Prince Charles Crescent was launched for sale by public tender on 23 August 2012. It was originally on the Reserve List of the Government Land Sales Programme. URA had, on 30 July 2012, accepted a successful application for the site to be put up for sale.
The site was offered for sale on a 99-year lease term.
A decision on the award of the tender will be made after the bids have been evaluated.