The Urban Redevelopment Authority (URA) announced that the residential site at the junction of Woodlands Road and Choa Chu Kang Road has been awarded to Far East Organisation’s Dollar Land Singapore.
The company submitted the highest bid for the 15,645.2-sq-m residential site, which amounted to $164 million or $436.65 psf of gross floor area. It was 10 percent more than the $148.28 million or $394.80 psf bid submitted by the second highest bidder, Chip Eng Seng’s CEL Development.
A total of eight developers had submitted their bids for the suburban plot that can accommodate commercial and residential development. The 99-year lease residential site failed to sell two years ago when it attracted an offer of only $61 million.
The top bids were all in a tight range. Sim Lian Land, the third highest bidder, offered $138.89 million or $369.79 psf for the site.
Other bidders for the site included a JV between NTUC FairPrice Cooperative and Frasers Centrepoint, and Soilbuild Group Holdings, in last place with a bid of only $71.23 million.
The site, to be co-located with the Ten Mile Junction LRT station on the third storey of the podium block, will be close to the upcoming Bukit Panjang MRT station, part of the future Downtown Line 2. It is due for completion by 2015.