The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at New Upper Changi Road to Sherwood Development Pte Ltd, a unit of Keppel Land.
The company submitted the highest bid in the tender at about S$434.5 million for the 3.18-hectare site.
Experts said the breakeven cost is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be S$1,350 per square foot.
The 99-year leasehold site was launched for sale by public tender on 23 August 2012 and closed on 16 October 2012.
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