A commercial and residential site at Meyappa Chettiar Road in Potong Pasir (pictured) has been awarded to MCC Land after the developer submitted the highest bid of $471.16 million in the tender for the site, according to the Urban Redevelopment Authority (URA).

Launched for sale on 30 April 2014, the 16,149.3 sqm site was hotly contested and attracted a total of 15 bidders.

Notably, the difference between the top and third bid was just 3.2 percent.

Experts explained that its location within an established housing estate with upcoming private residential developments and proximity to Potong Pasir MRT station contributed to the strong interest for the site.

Offered on a 99-year lease, the land parcel is also close to NEX and City Square Mall.

Photo by URA.

 

Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

 

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