HDB awards Upper Serangoon View condo site to highest bidders

The Housing and Development Board (HDB) has awarded the land parcel at Upper Serangoon View to joint bidders FCL Topaz, Far East Civil Engineering and Sekisui House for S$156.8 million.

Their bid was the highest of the four bids received at the close of the tender on November 9.

The land parcel, which is meant for condominium housing development, has a site area of 13,000 square metres and a maximum allowable gross floor area of about 45,500 square metres.

The site was launched for public tender on September 22.

The project, which can have about 540 dwelling units, has a 99-year lease period.

HDB said the development has to be completed within 60 months from the date of acceptance of tender.

The project’s breakeven cost is estimated around S$650 to $680 per square foot, and the condos are expected to be sold between S$800 and S$850 per square foot.

Source : Channel NewsAsia – 12 Nov 2010

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