URA awards 3 housing sites for $728.55m

Romesh Navaratnarajah8 Feb 2018

West Coast Vale land parcel

The land parcel in West Coast Vale was awarded to a subsidiary of CDL for $472.4 million. (Photo: URA)

The Urban Redevelopment Authority (URA) announced on Wednesday (7 February) that it has successfully sold three residential sites for a total of $728.55 million.

In particular, the approximately 210,881 sq ft plot in West Coast Vale was purchased by a subsidiary of City Developments Limited (CDL) for $472.4 million. The selling price submitted by CDL Pegasus translates to $800 psf based on its maximum permissible gross floor area (GFA) of 590,476 sq ft.

CDL Pegasus also acquired the 51,626 sq ft site in Handy Road for $212.2 million, which works out to $1,722 psf based on its GFA of 123,204 sq ft.

Finally, a joint venture between Lian Soon Holdings and OKP Land purchased the 46,101 sq ft land parcel in Chong Kuo Road for about $43.95 million. The selling price translates to $681 psf based on its GFA of 64,551 sq ft.

All three entities submitted the highest bids for the three 99-year leasehold sites.

Previously, the land parcels in Chong Kuo Road, Handy Road and West Coast Vale were respectively launched for sale on 31 October, 30 November and 19 December 2017. Thereafter, the three tenders simultaneously closed on 30 January 2018.


Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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