URA awards Kovan Road residential site for S$194.6m

The Urban Redevelopment Authority (URA) has awarded the tender for a 16,994.1 sq m residential site at Kovan Road to a consortium comprising Hoi Hup Realty Pte Ltd, Investment Focus Pte Ltd and Oriental Worldwide Investments Inc, after submitting the top bid of S$194.6 million.

Located at the junction of Kovan Road and Simon Road, the site has a maximum permissible gross floor area (GFA) of 35,688 sq m and a leasehold period of 99 years. It is situated within an established residential estate in the north east region, and can potentially yield around 360 housing units.

“The site’s location is the major driving force to the developers who are confident that the new project will attract home buyers despite the recent cooling measure,” said Tejaswi Chunduri, real estate analyst, PropertyGuru.

“Potential buyers will be attracted to the wealth of nearby amenities like Hougang housing estate, Kovan MRT station, shopping malls such as Heartland Mall and Serangoon Junior College.”

Source : PropertyGuru – 27 2012

Source : PropertyGuru – 27 Jan 2012

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