The Urban Redevelopment Authority (URA) has closed the tender for a 99-year leasehold residential site at Chestnut Avenue.
The 18,699.4 sq m land parcel attracted a total of 12 bids, reflecting “developers’ unfaltered confidence in the mass-market housing segment, such as the nearby Foresque Residences,” said Joseph Tan, Executive Director, Residential at CBRE.
S P Setia International (S) Pte Ltd offered the top bid of S$180 million (S$426 psf ppr). This translates to an estimated breakeven cost of between S$850 psf and S$900 psf, Tan said.
Flamegold Pte Ltd placed the second highest offer of S$166.10 million, while a joint bid between TG Land Pte Ltd and Master Contract Properties Pte Ltd was the lowest at S$131 million.
Located on the fringe of the Bukit Panjang HDB estate and overlooking the scenic Bukit Timah Reserve, the site is linked to major expressways and arterial roads such as the PIE, BKE and Upper Bukit Timah Road.
The bids will be reviewed and a decision on the successful bidder will be announced at a later date.
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