Tanah Merah site for sale
A DEVELOPER has committed to bid a price of not less than $130 million for a 99-year leasehold residential site at Tanah Merah Kechil Avenue.
The 2.19 ha site falls under the Urban Redevelopment Authority’s (URA) Reserve List system. The URA said yesterday that it had accepted the bid, which means that the site will be put up for public tender.
The site, near Tanah Merah MRT station, has a plot ratio of 2.8 and a maximum gross floor area of 61,255 sq m. An estimated 510-unit residential development can be built here.
URA first made the site available for sale through the Reserve List system in April 2005. It says the launch of the public tender will now be in about two weeks, and a tender period of about four weeks will be allowed.
At the minimum price of $130 million, the site works out at about $212 psf per plot ratio. Property analysts earlier predicted bids from $200 to $250 psf.
Source : Business Times - 1 Mar 2006
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