HDB launching residential site at Bishan for sale under Reserve List System

The Housing and Development Board (HDB) is launching a residential site for sale by public tender under the Reserve List System.

The site is located at Bishan Street 14 and is slated for development as Condominium Housing.

The area is around 12,000 square metres in size, with a maximum gross floor area of some 58,000 square metres.

It has a lease term of 99 years and would be able to accommodate 590 units.HDB quoted the minimum offer price at S$189,831,390.

Under the Reserve List System, the government will put up a Reserve List site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 3 per cent of the bid price, capped at S$5 million, to bid for the site at or above the minimum offer price which is acceptable to the government.

HDB will launch the tender for the land parcel in about two weeks’ time.

Source : Channel NewsAsia – 7 Jan 2011

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