Posted: 10 October 2011 2327 hrs

SINGAPORE

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Jalan Loyang Besar/Pasir Ris Rise to Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments.

The consortium submitted the highest bid of some S$141 million in the tender for the site.

Their winning bid translates to a land price of about S$361 per square foot of gross floor area.

The tender for the residential site was launched late August and closed on October 4.

The land parcel was offered for sale on a 99-year lease term.

– CNA/cc