Tender for Boon Lay residential site attracted highest bid of S$303m

The tender for a residential site at Boon Lay Way and Lakeside Drive has attracted the highest bid of about S$303 million from Keppel Land.

The bid by Keppel Land Mayfair works out to about $483 per square foot per plot ratio.

At the close of the tender, the Urban Redevelopment Authority (URA) says that a total of 14 bids were received for the site.

The next highest bid came from MCC Land at S$263 million.

The land parcel has a site area of 1.6 hectares and a maximum gross floor area of over 56 thousand square metres.

The site was launched for public tender on March 23 and has a lease period of 99 years.

Li Hiaw Ho, executive director at CBRE Research says it attracted so many bids due to the site’s location which is near two MRT stations coupled with an unblocked view of Jurong Lake.

Mr Li says the location will likely attract upgraders from the nearby private and public housing estates as well as employees from the surrounding industrial employment centres and Nanyang Technological University.

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

Source : Channel NewsAsia – 4 May 2010

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