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.
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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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