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Stirling Road site secured by consortium for S$1bil
The tender exercise for the land parcel near Queenstown MRT station closed on 18 May 2017 with a winning bid of S$1,050.70 psf.
The Urban Redevelopment Authority (URA) revealed on Tuesday (23 May) that the tender for the residential site at Stirling Road has been awarded to a consortium which submitted the highest of bid of slightly over S$1 billion or S$11,309.72 psm (1,050.70 psf).
The winning consortium consisted of Logan Property (Singapore) Company Pte Ltd and Nanshan Group Singapore Co. Pte. Ltd.
Offered on a 99-year lease term, the land parcel near Queenstown MRT station was launched for public tender on 20 April, and the exercise closed on 18 May 2017.
TODAYonline reported that this is the first time that a site solely dedicated for residential units under the Government Land Sales (GLS) programme has surpassed the S$1 billion mark.
In total, the tender attracted 13 bids, many coming from big developers or consortia.
With a land area of 21,109.5 sqm (227,221 sq ft), the site has a gross plot ratio of 4.2 and a maximum permissible gross floor area of 88,660 sqm (954,327 sq ft), which is expected to yield around 1,110 houses.
This article was edited by Denise Djong.
