Mixed-use site at Yishun Ave 2 draws stunning top bid of $1.43 billion

The location plan for a mixed-use site at Yishun Central 1. A tender for the site drew a stunning top bid of $1.43 billion when it closed on Thursday, Sept 5, 2013.

The winning bid was from North Gem Development and FC North Gem Trustee, units of Frasers Centrepoint. It translates into a price of $1,077 per sq ft (psf) per plot ratio (ppr) and beat four other offers, also from prominent property players here.

Get the full story from The Straits Times.

Here is the full statement from the Housing & Development Board:

The Housing & Development Board (HDB), as the Government’s land sales agent,launched the land parcel at Yishun Avenue 2 / Yishun Central 1 for tender on 28 Jun 2013.

The details of the sale site are as follows:

Proposed Development: Mixed Commercial & Residential Development Integrated with Bus Interchange & Community Club Site Area: 41,084.9sqm Maximum GFA [GPR]: 123,254.7sqm [3.0] Maximum Building Height: 56m AMSL Estimated Dwelling Units: 890 Lease term: 99 years The tender closed at 12 noon today with 5 bids received. The details of the provisional tender results are below. A decision on the award of the tender will be made after the bids have been evaluated. This will be announced at a later date.

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