URA awards tender of Seletar site to Asplenium Land

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

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