The Urban Redevelopment Authority (URA) provisionally approved two private housing projects with more than 1,000 units each in Q3 2014, according to media reports.
A subsidiary of GuocoLand received the greenlight for the construction of a 1,024-unit condo known as Sims Urban Oasis (pictured). With a leasehold tenure of 99 years, the development faces Aljunied Road, Sims Drive, and Pan Island Expressway (PIE).
Spanning nearly 2.4 hectares, the site for the condo project was acquired by the group controlled by Malaysian business mogul Quek Leng Chan, after it submitted the top bid of $530.89 million or nearly $688 psf ppr in a state land tender in April.
Notably, GuocoLand’s offer trumped the second highest bid of $502 million ($650.45 psf ppr) from a consortium consisting entities controlled by Quek’s Singaporean cousin Kwek Leng Beng.
The second large-scale residential development that obtained URA’s nod was a 1,165-unit project by Kingsford Property Development. Dubbed as Kingsford Waterbay, it comprises 1,157 apartments, six terrace houses and two semi-detached homes. Located in Upper Serangoon, the project is situated on two sites fronting a river which were purchased for $460.4 million or $522 psf ppr via a government tender last November.
Another housing project sanctioned by the URA in Q3 2014 was EL Development’s 660-unit Symphony Suites condo in Yishun Avenue 9.
Image source: GuocoLand’s website
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
