URA awards Upper Serangoon Road site tender to Qingdao Construction

The URA said it has awarded the tender for a residential site located at Upper Serangoon Road and Pheng Geck Avenue to Qingdao Construction.

The property firm submitted the highest bid of S$113.7 million, which translates to S$588 psf of gross floor area.

The tender for the site, which attracted 15 bids, was released two months ago and closed two weeks ago.

Other property developers who submitted bids included Sim Lian Land and Frasers Centrepoint.

The site has a 99-year leasehold period and can yield a maximum gross floor area of about 17,400 sq m.