Thursday, September 11, 2008

TID Wins URA Condo-Site Tender With $84m Bid

Source : The Business Times, September 11, 2008

THE Urban Redevelopment Authority (URA) yesterday awarded a 99-year leasehold condo site next to Tanah Merah MRT Station to top bidder TID, just a day after the tender closed on Tuesday.

This contrasts with the couple of weeks or more that URA has taken to deliberate on awarding earlier sites, which fetched bids below expectations.

TID's $84 million winning bid reflects a land price of about $282 per square foot (psf) of potential gross floor area, within the $250-$300 psf per plot ratio range market watchers predicted for the confirmed list site when it was launched in mid-July.

TID is a joint venture between Singapore's Hong Leong Group and Japan's Mitsui Fudosan.The tender drew seven bids.

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