Serangoon Garden Way residential site receives 16 bids

The Urban Redevelopment Authority (URA) has received a total of 16 bids in a public tender for a residential site at Serangoon Garden Way, with Sunmaster Holdings Pte Ltd and Garden Estates (Pte) Limited having jointly submitted the highest offer at S$105 million, or S$3,696.99 psm of gross floor area (GFA).

The second highest bid was offered by ZACD Investments Pte Ltd at S$95.13 million, while Bergendale Investments Limited was the lowest bidder at S$22.18 million.

Launched for sale on 21 June 2011, the 99-year leasehold residential site has a total area of 28,401.5 sq m. It is located within the established landed housing estate of Serangoon Gardens and is easily accessible through major roads and expressways, such as the Central Expressway (CTE).

Other companies that participated in the tender process include Peak Shines Pte Ltd (S$89 million), EL Development Pte Ltd (S$88.90 million), MCL Land Limited (S$83.50 million) and CH Development Pte Ltd (S$82.90 million).

The URA will announce its decision on the award at a later date.
 
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