The tender for a residential site at Tampines Avenue 10 has been awarded at S$252.8 million to a joint venture between Far East Organization, Frasers Centrepoint and Sekisui House, the URA said yesterday.
The consortium had submitted the highest of three bids for the 99-year leasehold site, which can be developed into condominiums, flats or serviced apartments. The site spans over 216,000 sq ft and has a maximum allowable gross floor area of nearly 605,000 sq ft. About 600 homes can be developed on the site.
The top bid translates to S$417.86 per sq ft per plot ratio. Ms Chia Siew Chuin, director of research and advisory at Colliers International, had earlier estimated the break-even cost at between S$750 and S$800 per sq ft.
Source : Today – 2012 May 22