Award of tender for residential site at New Upper Changi Road

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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