The Urban Redevelopment Authority has awarded the tender for the commercial and residential site at Yio Chu Kang Road and Seletar Road to Far East Square.
The company submitted the highest bid in the tender for the site at S$119 million. This translates to about S$376 per square foot.
The tender for the commercial and residential site was launched on August 20, on a 99-year lease.
Source : Channel NewsAsia – 22 Sep 2009
Comments Off on URA awards Yio Chu Kang land to Far East Square Pte Ltd
Posted in Developers
Tagged Far East Organization, Land Sales, Seletar, URA, Urban Redevelopment Authority, Yio Chu Kang
THE first land tender exercise since the Government announced measures to calm the property market closed yesterday with a bullish top bid well out of sync with the other leading offers.
Far East Organization lodged a bid of $119.08 million for the mainly residential site at the corner of Yio Chu Kang Road and Seletar Road.
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This was 35 per cent higher than the second bid and nearly 2-1/2 times higher than the lowest offer of $48.8 million.
The site is on the reserve list, which means that it was put up for tender only after a developer triggered its sale by committing to a minimum acceptable bid.
There were 12 bidders in all – more than expected – including high-profile developers such as Frasers Centrepoint, Sim Lian Land and Ho Bee Investment.
The Far East bid, which works out at $376.29 per sq ft (psf) of gross floor area, was ’surprisingly bullish’ as the site is in a sleepy area that is not near an MRT station, said property consultant Nicholas Mak, a Ngee Ann Polytechnic lecturer.
The 99-year leasehold site also has a height restriction of five storeys. Continue reading
Comments Off on Far East offers $119m for Seletar site
Posted in Developers, Property Market / Real Estate
Tagged Centurion Re, Far East Organisation, Far East Square, Frasers Centrepoint, Land Sales, Seletar, Sim Lian Land, Soilbuild Group Holdings, URA, Urban Redevelopment Authority, Yio Chu Kang
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