Sim Lian tops Punggol tender

Developers Sim Lian Land and Sim Lian Development have topped a tender for a 99-year-lease residential site at Punggol Central and Punggol Walk.

The Urban Redevelopment Authority (URA) closed on Tuesday, the tender for the site, after receiving a total of seven bids.Sim Lian’s bid translates to about S$406 per square foot.

The next highest bid of S$361.7 million dollars came from Qingdao Construction.

Executive director at CBRE Research Li Hiaw Ho said the seven bids submitted showed that developers were keen to acquire the site.

Located within walking distance to Punggol MRT station and with a historic building on-site that could be restored for use as a clubhouse, Mr Li said the site would enhance the lifestyle of the future residents with a piece of history of old Punggol.

He added that the 275,000 square metre site could fetch around S$800 per square foot when ready for launch.

URA said it would decide on the winning bidder at a later date.

Source : Channel NewsAsia – 8 Dec 2010

Join The Discussion

Compare listings