A residential site at Geylang East Avenue 1 (pictured) has attracted overwhelming interest, drawing 16 bids after its tender closed on Thursday, said the Urban Redevelopment Authority (URA).
Launched for sale in December after a developer committed to bid at least $95 million, the site has a land area of 6,238.1 sq m and a maximum permissible gross floor area (GFA) of 17,467 sq m.
The highest bid of $145.89 million was submitted by S L (Serangoon), which translates to about $8,352 psm on the GFA.
This was followed by a joint venture offer from Tannery Holdings and Sekisui House ($142.777 million) and Verwood Holdings and TID Residential ($138 million). Alliance Homes placed the lowest bid of $104.35 million.
Offered on a 99-year lease, the land parcel is located close to Aljunied MRT station and neighbourhood schools.
A decision on the award of the tender will be made after the bids have been evaluated.
Image source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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