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Woodleigh site exceeds expectations with S$700.7m top bid

IT was another competitive fight for the residential site at Woodleigh Lane.

The tender results, announced by the Urban Redevelopment Authority (URA) on Tuesday, showed 15 bidders for the 99-year-leasehold plot located close to Bidadari New Town.

Chip Eng Seng's unit, CEL Unique Development, put in the top bid of S$700.7 million, which translates to about S$1,110 per square foot per plot ratio (psf ppr).

Corson and Wingjoy Investment put in the second highest bid of S$695 million, or about S$1,101 psf ppr.

Verwood Holdings and Logan Property put in the third highest bid of S$688.1 million, or about S$1,090 psf ppr.

These all far exceeded consultants' earlier expectations of about S$750 to S$830 psf ppr.

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