Business

Two residential sites in Cuscaden Road, Mattar Road sold

Two residential sites - in Cuscaden Road and Mattar Road - have been sold to firms that lodged the highest tenders while one in Silat Avenue was awarded to the sole bidder, the Urban Redevelopment Authority said yesterday.

A 5,722.5 sq m plot in Cuscaden Road went to Amberden, FEC Properties and Orchard Square. Their bid of $409.99 million set a record price for Government Land Sale sites of $25,588.22 per sq m of gross floor area.

FSKH Development landed the 6,230.2 sq m Mattar Road parcel. It tendered $223 million of $11,931.89 per sq m of gross floor area.

The 22,851.6 sq m site in Silat Avenue - part-residential and part-residential-with-commercial on the first storey - was awarded to UOL Venture Investments, UIC Homes and Kheng Leong. The consortium submitted a $1.035 billion bid that works out to $12,244.68 per sq m of gross floor area for the site, which can yield 1,125 units.

The land parcels were put on sale on 99-year lease terms. - THE STRAITS TIMES

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