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Singaporean authority flags impending bidding for residential site tender

Singapore's Urban Redevelopment Authority said it will soon launch a public tender for a 1.9-hectare residential site in the city's West Coast Vale area, following the receipt of a developer's nearly S$380.0 million bidding commitment.

The committed amount, which Urban Redevelopment Authority, or URA, said was "acceptable" to the city-state's government, will serve as the minimum benchmark for the bidding process that is expected to be launched in about two weeks from Dec. 4. The tender period will run for six weeks.

The 19,591.5-square-meter West Coast Vale site is included in URA's government land sales program reserve list for the second half of 2017. It has a maximum permissible gross floor area of 54,857 square meters and a 99-year lease period.

As of Dec. 4, US$1 was equivalent to S$1.35.