By Kevin Lim | POSTED: 11 Mar 2014 18:52 | CNA

SINGAPORE: A residential site at Yishun Avenue 9 attracted just five bids at the close of an Urban Redevelopment Authority (URA) tender on Tuesday, attesting to the weakened sentiment in the property market.

EL Development submitted the highest bid of S$278.8 million for the 20,553.8 square metre site. The price translates to around S$4,844 per square metre of gross floor area.

The other bidders for the site included a consortium comprising Fraser Centrepoint unit FCL Topaz and two other firms as well as Sim Lian Land.

The site at Yishun Avenue 9 was launched for public tender on 16 December 2013.

The site was offered for sale on a 99-year lease.

– CNA/ms

http://www.channelnewsasia.com/news/business/singapore/residential-site-at/1028732.html