Singapore's Urban Redevelopment Authority accepted the two highest bids worth S$583.8 million for the 99-year leaseholds on two development sites in the city-state
The tender for a 19,647.7-square-meter site on Dairy Farm Road was awarded to developer UED Residential Pte. Ltd., a subsidiary of United Engineers Ltd., for S$368.8 million. The site has a maximum permissible gross floor area of 41,261 square meters and is zoned for a residential development, with a commercial element at first level.
The authority awarded COHL Singapore Pte. Ltd. & CSC Land Group (Singapore) Pte. Ltd.'s joint venture the tender for a 14,234.9-square meter residential site at Jalan Jurong Kechil for S$215.0 million. The land could yield up to 19,929 square meters of gross floor area.
Tender prices for the gross floor area of the two sites translate to S$8,938.22 per square meter and S$10,788.30 per square meter, respectively.
As of Sept. 7, US$1 was equivalent to S$1.38.