Tender for Tampines site pushed back

The closing date for a residential site tender at Tampines Avenue 10 (Parcel B) has been pushed back to 16 July from 2 July, according to the Urban Development Authority (URA). This is in light of the new housing loan measures announced by the Monetary Authority of Singapore (MAS) last Friday.

URA hopes the extension will give prospective bidders more time to assess the latest rules before submitting their bids.

The curbs on MAS-regulated financial institutions are expected to help “enhance credit underwriting practices for property loans granted to individuals and encourage financial prudence among borrowers”.

Offered on a 99-year lease, the site has a land area of 184,094 sq ft and a maximum gross floor area (GFA) of 515,473 sq ft, and is expected to yield 530 housing units.

Source : PropertyGuru – 1 Jul 2013

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