URA awards residential site to highest bidder

The Urban Redevelopment Authority (URA) has awarded the tender for a  residential site at Jalan Loyang Besar/Pasir Ris Rise to a consortium comprising Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Oriental Worldwide Investments Inc.

The consortium offered the top bid of S$140.96 million, or S$3,885.76 psm of gross floor area (GFA), in a public tender that closed on 4 October 2011.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, noted that the top offer came amid very close competition.

“The keen interest could be spurred by the continued strong latent buying demand of mass market homes experienced by developers, where primary sales activities and price increase of private non-landed homes in Outside Central Region (OCR) led the market in recent months.”

Launched for sale on 25 August, the 99-year leasehold residential site has a total area of 17,274.2 sq m and a maximum GFA of 36,276 sq m.

To contact the journalist, you may send your message to editor@propertyguru.com.sg