Government land sales site at Upper Serangoon Road draws 11 bids

ASSET Legend Limited has clinched the highest tender price of S$276.8 million, or S$848.84 per square foot per plot ratio (psf ppr) for a 99-year leasehold mixed-use site at Upper Serangoon Road.

The Urban Redevelopment Authority (URA) announced this on Thursday evening.

SL Capital Ventures Pte Ltd put in the second highest bid at S$240 million, while a consortium comprising Verwood Holdings, Intrepid Investments and TID Residential put in the third highest bid of S$234.6 million.

The tender attracted 11 bids in all.

Earlier this month, the Building and Construction Authority announced that from November, projects built on government land sales sites will have to meet a certain level of prefabrication, such as using drywall as internal partitions in residential sites.

Its tender closing date was thus extended from Nov 13 to Nov 27 to give prospective tenderers more time to factor in the new requirements into their bids.