The Urban Redevelopment Authority (URA) has launched the residential site at Farrer Drive for sale by public tender today.

The land parcel, which has a site area of about 0.63 ha, was made available for sale through the Reserve List system on April 16 this year.

On May 11, URA announced that it had received an application from a developer to put up the land parcel for tender for a minimum bid of not less than $88,888,000.

The 99-year leasehold residential site will have a maximum permissible gross floor area (GFA) of 10,030 sqm and a maximum building height of eight storeys.

The tender will close at 12 noon on June 21.

Selection of the successful tenderer will be based on the tendered land price only. Any tender below the minimum bid price of $88,888,000 will not be considered.

ellenja@sph.com.sg