The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Seletar Road to Asplenium Land.
The company submitted the highest bid of S$123 million for the land parcel, which translates to about S$5,033 per square metre.
Tender for the site was launched on October 26 and closed on December 14.
The land parcel has a site area of over 17,400 square metres and a maximum permissible gross floor area of about 24,400 square metres.
The 99-year leasehold site had received a total of 11 bids, ranging from a low of S$88 million to a high of S$123 million.
Property consultancy firm CBRE Research had said the S$123 million top bid reflected S$468 per square foot (psf) per plot ratio and would translate to a breakeven cost of about S$800 psf.
The firm expects the new development to be launched at around S$950 to S$1,200 psf.
Source : Channel NewsAsia – 16 Dec 2010