Serangoon Garden Way residential site gets highest bid of S$105m

The Urban Redevelopment Authority (URA) has announced that the tender for a residential site for landed homes in Serangoon Garden Way has closed with the highest bid coming in at S$105 million.

The bid came from a joint venture (JV) between City Developments Ltd (CDL) and Hong Realty under their wholly-owned subsidiaries Sunmaster Holdings Pte Ltd and Garden Estates (Pte) Limited respectively.

URA said a total of 16 bids were received.

The JV’s bid was about 10 per cent higher than the second highest bid by ZACD Investments and about 18 per cent higher than the third highest bid from Peak Shines Pte Ltd.

A CDL spokesperson said: “CDL is familiar with the Serangoon Gardens area, having launched Goldenhill Villas, a freehold terraced-housing development located just minutes away from the Lorong Chuan MRT station, in 2004. Incidentally, this was also the last landed housing development undertaken by CDL in recent years.”

In the event that CDL and Hong Realty are awarded the site, they will explore in detail a proposed terrace housing development, with an expected launch in 2012.

“Given the very limited supply of landed homes in Singapore, we expect this development to be well received,” CDL’s spokesperson added.

The site will be sold on a 99-year lease. Based on the site area of 28,401.5 sq metres, the unit land price works out to be S$3,696.99 per square metres of site area.

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

Source : Channel NewsAsia – 16 Aug 2011

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