URA has awarded the tender for the Pasir Ris Drive 3 residential site to Capital Development, which submitted the highest bid of $211 million, or $418.3 psf ppr. Capital Development is the property development arm of privately held Eng Seng Lee Construction Co, which is also the developer of the 530-unit private condo Flo Residence in Punggol.
The 99-year leasehold site in Pasir Ris was launched for sale by public tender from April 16 to June 5, and received five bids. The 240,200 sq ft site has a maximum permissible GFA of 504,500 sq ft and is a short distance away from Pasir Ris Park and Pasir Ris Beach. It is served by the amenities at West Plaza and Elias Mall and a short drive to Pasir Ris MRT station and White Sands shopping mall.
Source: TheEdge – 2012 Jun 19
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