Silat Avenue GLS site receives sole bid of $1.035 billion

The tender for Silat Avenue government land site closed on April 26 2108 with just one bid.

The sole bid of $1.035 billion or $1,138 psf per plot ratio (ppr) came from Singapore-listed UOL Group in a joint venture with sister companies, United Industrial Corp and Kheng Leong Company.

The 245,975 sq ft government land site at Silat Avenue, is located just off Kampong Bahru Road, and has the potential to yield an estimated 1,125 residential units.

“Developers tend to be cautious when it comes to bidding for sites with more than 1,000 residential units,” notes Desmond Sim, CBRE head of research for Singapore and South East Asia.

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