By Nikki De Guzman:
The tender for a residential site (pictured) at Kim Tian Road closed yesterday with a total of 11 bids received, according to the Urban Redevelopment Authority (URA).
Launched for sale on 28 February, the 99-year leasehold site has a land area of 10,990.6 sq m and a maximum permissible gross floor area (GFA) of 43,963 sq m.
The highest bid was submitted by Harvestland Development at S$550.28 million or S$12,517 psm based on the GFA. This was followed by a S$513.33 million or S$11,676 psm offer by a consortium comprising Far East SOHO, Far East Orchard and Sekisui House.
“The quantum of bids submitted was highly competitive, with the gap between the first and second coming in at 7.2 percent,” said Desmond Sim, Associate Director at CBRE Research.
“While the site has building restrictions imposed, these did not hamper the developers’ confidence as its proximity to the MRT and well established amenities far outweigh cost considerations.”
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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