A 99-year leasehold site at the junction of Upper Serangoon Crescent and Upper Serangoon Road has been awarded to Allgreen Properties Ltd, after it offered the highest bid of S$270.28 million in a public tender that closed on 7 September 2011.
The winning bid works out to around S$291.39 psf of potential gross floor area (GFA), or around 25 percent lower than the price paid by Qingdao Construction for an opposite site, in a tender that closed in June this year.
The site, which was launched for sale on 28 July, has a total area of 24,620.5 sq m, with a maximum GFA of 86,171.75 sq m and a gross plot ratio of 3.5. It is zoned for condominium housing and can possibly yield approximately 860 units.
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