25 Apr '17, 10pm

CDL unit submits top bid for Tampines site

The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA The tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority (URA). Bellevue Properties, a unit of City Developments Limited (CDL), submitted the top bid of $370.1 million for the 99-year leasehold site. This translates to about $565 psf per plot ratio (psf/pr). Chinese developers Kingsford Development and Qingjian Realty were the next two highest bidders at $350 million and $345 million, respectively. A spokesperson for CDL said that its bid for the site topped the tightly contested tender by a 5.7 percent margin over the second highest bid. Launched for sale on 14 March under the confirmed list of the first half 2017 Government Land Sales ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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