URA awards Bedok South Avenue 3 site to consortium for S$345.9m

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Bedok South Avenue 3 to a consortium for S$345.9 million.

The consortium, comprising FE Lakeside, FCL Topaz, and Sekisui House Singapore, has put in the highest bid out of a total of seven bids for the 99-year leasehold site.

Market watchers say the top bid of S$345.9 million or S$534 per square foot (psf) per plot ratio will work out to a break-even cost of around S$950 psf.

Based on transacted prices of units in the vicinity in recent months, analysts say the units in the new residential project could fetch around S$1,100 psf.

The URA land parcel was offered on sale for a 99-year lease term and the tender was launched on 22 December 2011 before closing on 9 February.

Source : Channel NewsAsia – 14 Feb 2012