03 Mar '11, 11am

[CNA] URA receives 8 bids for Bedok Reservoir Road site

[CNA] URA receives 8 bids for Bedok Reservoir Road site

SINGAPORE: The Urban Redevelopment Authority (URA) has received eight bids at the close of tender on Thursday for the sale of a land parcel at Bedok Reservoir Road. The 46,000 square metre site was launched in mid-January and is designated for residential development. The top bidder for the site is United Venture Development with a S$320 million bid for the site. That translates to about S$5,010 per square metre. The next highest offer came from a joint bid by FCL Topaz, Far East Civil Engineering and Sekisui House, for S$312 million. The 99-year lease site has a maximum permissible gross floor area of nearly 64,000 square metres. CBRE Research executive director Li Hiaw Ho said the site is designated for a five-storey condominium development and "the response of eight bids to the residential site at Bedok Reservoir Road showed that developers are keen on the site." Mr Li ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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