The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Serangoon Avenue 3 to Intrepid Investments Pte Ltd.
The company submitted the highest bid of $221.21 million (US$158.84 million) in the tender for the site.
The 13,877.2 square metre (sqm) residential site has a maximum permissable gross floor area of 38,857 sqm.
Source : Business Times – 9 Oct 2009
Comments Off on Serangoon Ave 3 site sold at $221.21m: URA
Posted in Developers, Property Market / Real Estate
Tagged Hong Leong Holdings, Intrepid Investments, Land Sales, Serangoon, Serangoon Ave 3, URA, Urban Redevelopment Authority
Top bid of $221.2m comes from Intrepid Investments, a unit of Hong Leong
FIERCE competition for residential land shows no signs of abating as 15 developers submitted bids for a 99-year-leasehold site in Serangoon Avenue 3.
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This is the highest number of bids put in for government residential land so far this year. The last three tenders had drawn 12 to 13 bids each.
The Urban Redevelopment Authority (URA) closed the tender for the Serangoon site yesterday, and the top bid of $221.2 million or $529 per square foot (psf) of gross floor area (GFA) came from Intrepid Investments Pte Ltd, a unit of Hong Leong Holdings.
Tuas Hi-Tech Park Pte Ltd, a Far East Organization unit, came in second with a bid of $195.9 million or $468 psf of GFA. The highest offer was some 13 per cent more than this.
The top bids for the site markedly surpassed property consultants’ predictions – they had expected the numbers to fall closer to $400-$450 psf of GFA. Continue reading
Comments Off on Serangoon residential site draws 15 bids
Posted in Property Market / Real Estate
Tagged Far East Organisation, Frasers Centrepoint, Hong Leong Holdings, Intrepid Investments, Keppel Land (Mayfair), Land Sales, Lorong Chuan, Serangoon, Serangoon Ave 3, SPH’s SG Domain, Tuas Hi-Tech Park, URA, Urban Redevelopment Authority
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