URA Rejects Sole Bid For Tampines Condo Site

Source : The Business Times, August 26, 2008

Urban Redevelopment Authority has rejected the sole bid for a private condominium housing site at Tampines Avenue 1/Avenue 10 as the price offered was too low.

The 99-year leasehold plot, which faces Bedok Reservoir, drew a bid of about S$118 per square foot per plot ratio from Boon Keng Development Pte Ltd, a unit of Midview group, which is involved in the construction and property businesses.

When the tender for the site closed on Aug 12, most property consultants had already said there was only a slim chance of the site being awarded.