Keppel Land plans to develop 550 homes on Boon Lay Way site

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Boon Lay Way and Lakeside Drive to Keppel Land Mayfair.

The company submitted the highest tender for the site at S$302.9 million, or about S$5,370 per square metre, per gross floor area.

In a statement, developer Keppel Land says it plans to develop about 550 homes of sizes ranging from 500 square feet to 1,400 square feet.

These will comprise 1-bedroom to 4-bedroom units as well as penthouses.

Keppel Land says the project is expected to be launch ready by end 2010 and completed towards the end of 2013.

The tender was launched in March this year and closed on Tuesday.

A total of 14 bids were received for the site.

Other developers who submitted bids included MCC Land and Qingdao Construction, among others.

The 1.6-hectare residential site allows the developer to build on a site area of about 16 thousand square metres.

The site has a permissible gross floor area of more than 54 thousand square metres.

Source : Channel NewsAsia – 6 May 2010

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