The tender for a residential with first-storey commercial site at Upper Serangoon Road received 11 bids yesterday.
Asset Legend Limited submitted the highest bid of $276.8 million, while the second highest bid was SL Capital Ventures at $240 million.
Offered for sale on a 99-year lease, the land parcel is easily accessible via major roads, expressways and Kovan MRT station.
According to media reports, the parcel is the first Government Land Sales (GLS) site that has to meet the new construction requirements introduced by the Building and Construction Authority (BCA) to improve productivity within the sector.
The Urban Redevelopment Authority (URA) will announce the tender award at a later date.
Image source: URA