Map showing the location of the Cuscaden Road site. Source: URA
The tenders for three sites at Cuscaden Road, Mattar Road and Silat Avenue have been awarded to the highest bidders, or in the case of Silat Avenue, its sole bidder, the Urban Redevelopment Authority said on Thursday (17 May).
The 61,596 sq ft Cuscaden Road site in the Orchard area was awarded to a consortium comprising New World Development, Far East Consortium and SC Global Developments at a tendered price of $410 million, or $2,377 psf per plot ratio (psf ppr).
More: Cuscaden Road Site Sets New GLS Record Of $2,377 Psf Ppr
New World Development executive vice-chairman and general manager Adrian Cheng revealed that they intend to develop the site into a luxury residential project that will focus on arts and culture.
Meanwhile, the 67,061 sq ft Mattar Road site near Mattar MRT station on the Downtown Line was awarded to FSKH Development, which submitted the highest bid of $223 million, or $1,109 psf ppr.
The site on Silat Avenue, which is part-residential and part-residential with commercial-at-first-storey development, was awarded to UOL Venture Investments, UIC Homes and Kheng Leong Company – the sole bidder of the 245,972 sq ft site – at a tendered price of $1.035 billion, or $1,138 psf ppr.
All three sites are offered on 99-year leases, with the tender for the Cuscaden Road site launched on 27 February, while the Mattar Road and Silat Avenue sites were launched on 16 March. The tenders all closed on 26 April.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
