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A 99-year leasehold private housing site in Lorong Lew Lian in the Upper Serangoon area has been triggered for release from the reserve list of the Government Land Sales Programme.
The 1.4-hectare site has a 3.0 plot ratio (ratio of maximum gross floor area to land area) and can yield an estimated 465 housing units.
The Urban Redevelopment Authority (URA) announced on Tuesday afternoon it has received an application from a developer for the site to be put up for public tender. The developer committed to bid at a price of not less than S$250 million in the tender for the land parcel. "As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender," URA said.
The S$250 million minimum price works out to S$552.93 per square foot of potential gross floor area.
URA said that in accordance with the procedures of the reserve list system, it is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site next month. The launch date will be announced later. The tender period for the land parcel will be about four to six weeks.