Thursday, May 24, 2012

Farrer Drive residential site up for sale by public tender

SINGAPORE : The Urban Redevelopment Authority (URA) has put up a residential site at Farrer Drive for sale by public tender.

This came after a developer committed to bid at not less than $88,888,000 by public tender for the land parcel.

The 99-year leasehold site was made available for sale via the Reserve List system on 16 April 2012.

Under the Reserve List system, a site will only be launched for tender if the developer's minimum bid price is acceptable to the government.

The land parcel has a site area of about 63 hectares, with a maximum permissible gross floor area (GFA) of 10,030 square metres. It also has a maximum building height of 8 storeys.

The URA said selection of the successful tenderer will be based on the tendered land price only, and any tender below the minimum bid price of $88,888,000 will not be considered.

The tender for the site will close at noon on 21 June 2012.

- CNA/ch

View the original article here

Source From Channel News Asia

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