The tender for a 99-year leasehold residential site at Lorong Lew Lian (pictured) along Upper Serangoon Road closed today after attracting 11 bids, said the Urban Redevelopment Authority (URA).
Launched for sale on 1 October 2015, the 150,711 sq ft site has a maximum permissible gross floor area of about 452,138 sq ft.
The top bid of $321 million was submitted through a partnership between Verwood Holdings, a wholly-owned subsidiary of City Developments Limited (CDL), Intrepid Investments, a unit of Hong Leong Holdings, and TID Residential. This works out to around $710 per square foot per plot ratio (psf ppr).
The lowest bid of $265.9 million ($588 psf ppr) was jointly submitted by Tuan Sing-owned Episcia Land, and KBD Ventures, a unit of Koh Brothers.
A spokesperson for CDL said its bid for the triggered reserve site topped the tightly contested tenders by a 2.6 percent margin over 10 other bidders.
Located within an established housing estate, the land parcel is close to Serangoon MRT station, NEX Shopping Mall and several schools.
“In the event that we are awarded the site, CDL will explore a condominium development of between 12 to 13 storeys with over 500 units. Apartments on the higher floors will enjoy good views across the landed housing enclave.
“CDL is familiar with the precinct and has confidence in the potential of the site, having jointly-developed the fully-sold 702-unit Bartley Residences, and the 99 percent sold 868-unit Bartley Ridge,” added the spokesperson.
A decision on the award of the tender will be made after the bids have been evaluated.
Map of the Lorong Lew Lian site. Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
