Source : TODAY, Wednesday, October 3, 2007
A 99-year leasehold condo plot in the Upper Serangoon area has fetched a top bid of $290 million from Duke Development, which edged out higher profile developers such as Frasers Centrepoint and Allgreen Properties when the tender closed yesterday.
The Urban Redevelopment Authority received six bids for the 17,600-sq-m site at Simon Road, with the second-highest bid of $280 million, or $4,540 per sq m (psm) of gross floor area, coming from Bishan Properties.
Duke’s bid was $4,700 psm.
A 555-unit condo could be developed on the site, according to CB Richard Ellis.
Its executive director Li Hiaw Ho described Duke’s bid as “reasonable”, and would translate to a breakeven price of around $800 per sq ft (psf) and an estimated selling price of between $850 psf and $950 psf.
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