Flora Drive site receives top bid of S$131.38m

The tender for a 99-year leasehold land parcel at Flora Drive closed on 16 June, with Frasers Centrepoint Limited offering the highest bid of S$131.38 million.

“The top bid (placed by Frasers Centrepoint Limited) of S$131.38 million or S$325 psf ppr will translate to a breakeven cost of about S$700 psf,” said Mr. Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE).

“The site at Flora Drive is surrounded by several condominiums such as Hedges Park, The Gale (both under construction), Ferraria Park, Edelweiss Park and Dhalia Park.”

Tripartite Developers Pte offered the second highest bid of S$130.80 million, followed by Leng Hoe Development Pte Ltd (S$123 million) and Allgreen Properties Limited (S$105.89 million).

Launched in 26 April 2011, the site has a total area of 26,817.6 sq m and a maximum permissible gross floor area (GFA) of 37,545 sq m. It is zoned for residential development and can yield up to 380 apartment units.

Mr. Li noted that the site’s “proximity to the Japanese Primary School will attract Japanese expatriates working in the industrial employment centres in the east. Shopping facilities are available via a short drive to Pasir Ris and Tampines new towns.”

The URA will evaluate the tender result and a decision on the award will be announced at a later date.

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