URA awards tender for Upper Serangoon Rd site to Qingdao Construction

The Urban Redevelopment Authority has awarded the tender for the residential site at Upper Serangoon Road and Pheng Geck Avenue to Qingdao Construction.

The company submitted the highest bid of S$113.7 million, or about S$588 per square foot of gross floor area.

The tender was launched in April this year and closed two weeks ago.

A total of 15 bids was received for the site.

Other developers who submitted bids included Frasers Centrepoint and Sim Lian Land.

The 99-year lease site can yield a maximum gross floor area of some 17,400 square metres.

Source : Channel NewsAsia – 15 Jun 2010

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