The consortium submitted the top bid of S$388.11 million for the 20,810.9 sq m site.

Only five bids were submitted for the site even though it is a very accessible location, reflecting what an analyst said is the cautious attitude of developers following the latest property market-cooling measures.

“Response to the tender of the residential site at Mount Vernon reflects the cautious attitude of developers following the latest property measures introduced in December 2011 and in anticipation of a slowing economy in 2012,” said CBRE Research’s executive director Li Hiaw Ho.

The 99-year leasehold site is adjacent to Bartley MRT station of the Circle Line.

The lowest bid of S$250.8m was from Mezzo Development.

A condominium of around 20 storeys comprising some 800 units can be built on the site.

CBRE estimates that the condominium units could sell for between S$1,100 and S$1,200 psf.

Source : Channel NewsAsia – 10 Jan 2012

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The sites are at Mount Vernon Road, Jalan Lempeng and the Kovan Road/Simon Road area.

The Urban Redevelopment Authority and the Housing & Development Board said the sites are for sale on Tuesday, by public tender.

Together, they are expected to yield about 1,830 units, adding to the 14,945 units launched under GLS this year.

The 2.1-hectare land parcel at Mount Vernon Road is near Bartley MRT station and can provide potentially some 785 housing units.

The 2.4-hectare land parcel at Jalan Lempeng is near Clementi Town Centre and can potentially yield about 685 housing units.

Meanwhile, the 1.7-hectare land parcel at Kovan Road/Simon Road in the north east can potentially yield about 360 housing units.

Source : Channel NewsAsia – 29 Nov 2011

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