URA commercial site at Jalan Sultan draws 20 bids

Chiu Teng Estates has put in the top bid of S$14.8 million for a 99-year leasehold commercial site at Jalan Sultan.

This works out to S$10,480 per square metre per site area.

It is also just S$1.2 million more than the second highest bid.

The tender attracted 20 bids in all.

Meanwhile, the Urban Redevelopment Authority has decided to reject the only bid submitted for the transitional office site at Aljunied Road and Geylang East Avenue 1.

It said the bid of S$7.8 million or S$413 per square metre of gross floor area was too low. -CNA/vm

Source : Channel NewsAsia – 22 Jan 2008

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