Chestnut Ave site draws 22 bids

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The tender for a 99-year leasehold residential site has attracted a substantial 22 bids, despite the latest measures to rein in the housing market.

According to the URA, the land parcel at Chestnut Avenue/Almond Avenue saw a top bid of S$70.83 million (S$5,493.74 psm of the site area) from property firm SCB Terraform Pte Ltd.

SK Land Pte Ltd submitted the second highest bid at S$67.8 million, while CT Projects Pte Ltd placed third with a S$65.89 million bid.

The other offers ranged between S$25 million and S$64 million.

The land parcel, which has a total area of 12,893.4 sq m, is located at Upper Bukit Timah. It was launched for tender on 27 October 2011.

The URA said it will announce the final result after all the bids have been evaluated.

Meanwhile, the planning authority awarded the tender for a residential site at Alexandra Road to a consortium comprising Sunmaster Holdings Pte Ltd, Intrepid Investments Pte Ltd and Garden Estates (Pte) Limited.

The consortium jointly offered the top bid of S$396 million, or S$8,120.08 psm of gross floor area (GFA), in a public tender that closed on 6 December 2011.

With a 99-year leasehold period, the land parcel has a total area of 9,952.6 sq m and a maximum allowable GFA of 48,768 m.

Li Hiaw Ho, Executive Director of CBRE, noted, “The future development will be a high-rise development of over 40 storeys, comprising some 550 apartments. Units on high floors will offer a good view of the city.”

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