URA rejects bid for Choa Chu Kang Rd/Woodlands Rd site

The Urban Redevelopment Authority (URA) has rejected the highest bid for the residential site at Choa Chu Kang Road/Woodlands Road.

In a press release out on Friday, the URA said the price offered was too low.

The top bid came in at S$61 million, which works out to about S$1,750 per square metre of gross floor area. There was only one other offer at S$45.6 million.

The land parcel – offered on a 99-year lease – was one of the eight residential sites placed for sale through the confirmed list under the Government Land Sales Programme for the second half of 2007.

The tender was launched in December last year and closed on 3 April. – CNA/so

┬áSource : Channel NewsAsia – 25 Apr 2008

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