Government Land Sales in the East
In the East region of Singapore, a land parcel along Siglap Road was released for land bid by URA in November 2015. The land which measures 19,309.6 square metres or approximately 207847 square feet is intended for residential use.
The residential site is just steps away to future Siglap MRT station which will be in operation in year 2023) (Thomson East Coast Line) and is nearby to schools such as Victoria Junior College and Victoria School. East Coast Park and the East Coast eating houses are also within a short distance away.
Due to the prime location of the land and the scarcity of land in the East Coast area , a number of developers had shown keen interest. The 8 bidders vying for this plot of land includes several well-established developers such as Fraser Centrepoint Limited (FCL), UOL Venture Investments Pte Ltd, MCL land Pte Ltd, etc. The price offered by the 8 developers range from $477 million to $624.18 million.
The higher bidded price lodged came from partnership, FCL – Sekisui House Limited – KH Capital Pte Ltd at a tendered price of $624.18 million. This is equivalent to $858 psf ppr and the average selling price per square feet might be falling in between $1,400 to $1,500 according to Mr Ong, the national research director of JLL.
(Source : http://www.straitstimes.com/business/property/optimistic-bids-for-siglap-condo-site)
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