Chestnut Ave residential site attracts 12 bids

The Urban Redevelopment Authority (URA) has closed the tender for a residential site at Chestnut Avenue.

The 1.87-hectare land parcel, which can yield some 380 housing units attracted a total of 12 bids.

SP Setia International submitted the top bid of S$180 million.

The other bids for the 99-year leasehold site ranged between just over S$166 million and S$131 million.

Property consultancy CBRE said the “enthusiastic response of 12 bids reflects developers’ unfaltered confidence in the mass-market housing segment.”

CBRE added that the top bid of S$180 million or S$426 psf/plot ratio will translate to an estimated breakeven cost of S$850 psf to S$900 psf.

URA said a decision on the award of the tender will be made after the bids have been evaluated.

Source : Channel NewsAsia – 24 Nov 2011

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