The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Pasir Ris Drive 3 to Capital Development Pte. Ltd.

It had submitted the highest bid of $210,999,000 for the 22,317.4 sq m site.

With a maximum gross floor area (GFA) of 46,867 sq m, this price works out to about $4,502.08 psm/gfa.

The tender for the residential site was launched on April 16 this year and closed on June 5. The land parcel was offered for sale on a 99-year lease term.

samkhoo@sph.com.sg