Wednesday, August 29, 2012

Farrer Road site fetches top bid of S$45.7m

The tender for a residential site at Farrer Road closed yesterday with a top bid of S$45.7 million submitted by Far East SOHO, according to the Urban Redevelopment Authority (URA).

A total of 15 bidders expressed interest for the 0.27-ha site that was launched for sale by public tender on 30 July.

The second highest offer came from Soon Hock Tuas Development with a bid of S$44.3 million.
Chng Kiong Huat, Executive Director for Property Services at Far East Organization, said that they plan to develop the Farrer Road site under the Far East SOHO brand.

“This compact site gives us the opportunity to expand our Far East SOHO brand and innovate on our product development with a new suite of SOHO apartments with unique layout and space planning concepts,” he stated.

The development is expected to comprise one- to two-bedroom high-ceiling apartments to “cater to young families who appreciate trendy and flexible spaces in an urban setting”, added Chng.
The site is also close to dining, shopping and recreational amenities in Orchard Road and the Botanic Gardens, and offers excellent connectivity via the Botanic Gardens MRT station.

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