URA has awarded the tender for a residential site located at Boon Lay Way and Lakeside Drive to Keppel Land Mayfair.
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The developer submitted the highest tender for the residential site at S$302.9 million, or around S$5,370 psm per gross floor area.
In a prepared statement, Keppel Land stressed that it plans to develop around 550 homes ranging from 500 sq ft to 1,400 sq ft.
These will comprise one-bedroom to four-bedroom units, as well as penthouses.
According to Keppel Land, the project is expected to be ready for launch by end-2010 and slated for completion by the end of 2013.
The tender was released two months ago and closed on Tuesday.
A total of 14 bids were received for the residential site.
Qingdao Construction and MCC Land are among the property developers who submitted bids.
The 1.6-hectare land parcel allows the developers to construct on a site of about 16,000 sq m, and it has a permissible gross floor area of over 54,000 sq m.