Top bid for residential site at Upper Changi Road North at S$148.3m

Urban Redevelopment Authority (URA) closed the tender for the residential site at Upper Changi Road North and Flora Drive Tuesday.

A total of six bids were submitted for the site and the top bid came from Tripartite Developers at S$148.3 million.

This is a joint venture company formed by Hong Leong Holdings, City Developments and Trade and Industrial Development.

Tripartite’s bid is 81 per cent higher than the minimum bid of S$82 million, which triggered the site for tender.

It is also 3.6 per cent more than the second bid of S$143.2 million jointly submitted by Nam Hee Contractor and OPH Marymount.

The lowest bid submitted for the site was from BBR-Tagore at S$91 million.

Other developers that placed their bids as well were Frasers Centrepoint, Sim Lian Land and Ho Bee Developments.

The land parcel has a 99 year lease term and sits on a site area of 30,678.7 square metres.

The maximum allowable gross floor area is 42,951 square metres.

The site was originally placed on the Reserve List of the Government Land Sales Programme and was launched for public tender on March 29.

Source : Channel NewsAsia – 27 Apr 2010

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