URA receives 5 bids for Choa Chu Kang site

The Urban Redevelopment Authority (URA) has closed the tender for the residential site at Choa Chu Kang Road/Phoenix Road after receiving five bids in total.

Joint bidders Far East Civil Engineering and China Construction Development submitted the highest bid of S$142.78 million, which translates to about S$411 per square foot per plot ratio.

The next highest bid came from EL Development at S$122 million.

The site was launched for public tender on May 5 on a 99-year lease.

The land parcel has an area of over 15,000 square metres and a maximum permissible gross floor area of 32,000 square metres.

CB Richard Ellis’ executive director for residential, Joseph Tan, said the site could be developed into a new 24-storey condominium of around 335 units.

Located on the fringe of Choa Chu Kang and Bukit Panjang HDB estates, residents of the up-coming development would benefit from the amenities and facilities there.

Mr Tan said the top bid would translate to a breakeven cost ranging from S$800 to S$850 per square foot.

URA said it would decide on the winning bidder at a later date.

Source : Channel NewsAsia – 30 Jun 2011

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