Yio Chu Kang land parcel attracts top bid of S$119m

Far East Organisation has submitted the highest bid of S$119 million for a commercial and residential site at the junction of Yio Chu Kang Road and Seletar Road.

This is nearly 3 times the minimum bid price of S$40.5 million.

Far East’s bid translates to about $364 per square foot.

Centurion RE submitted the second highest bid at S$88.19 million, followed by Frasers Centrepoint’s offer of S$80.13 million.

The 99-year leasehold land parcel has a site area of 2.1 hectares and is designated for a mixed commercial and residential development.

The plot was made available for sale through the government’s Reserve List System.

The Urban Redevelopment Authority has closed the tender for the site after receiving 12 bids in total.

URA says it will announce the result of the tender after the bids have been evaluated.

Source : Channel NewsAsia – 17 Sep 2009

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