Thursday, May 29, 2008

Tian Hock Wins Choa Chu Kang Drive Tender

Source : The Business Times, May 29, 2008

THE Urban Redevelopment Authority (URA) yesterday awarded the tender for a residential site at Choa Chu Kang Drive to Tian Hock Properties.

Tian Hock Properties, a unit of Far East Organization, was top bidder for the site at $116.01 million, or $203 per square foot per plot ratio (psf ppr).

The 99-year leasehold site has a maximum gross floor area of 572,600 sq ft.

On Monday URA closed the tender for the site, which attracted four other bids from companies such as Sim Lian Land.

Market watchers' estimates of the breakeven cost of a new development on the site range from $550-$600 psf, translating to a selling price of $610-$650 psf.

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