The Urban Redevelopment Authority tender attracted three bids.
The second highest bid of some S$231 million came from Frasers Centrepoint Properties.
NTUC’s Choicehomes trailed in at third place with its offer of S$188 million.
Consultant CB Richard Ellis estimates the future condominium project to be built on the site will have a breakeven price of about S$650 per square foot.
It expects the units to sell at between S$700 and S$750 per square foot.
Units in nearby projects, The Modena and Tropical Springs, are selling at between S$550 and S$650 per square foot in the resale market.
Another consultant Knight Frank expects the site to yield about 650 units. – CNA/ms
Source : Channel NewsAsia – 4 Jan 2008