The site situated at the junction of Tampines Road and Upper Serangoon Road has received 11 bids since November 27, 2014. This site is suited for a residential project with first storey commercial shops.
The highest bidder for this property is Asset Legend Limited, which is at $276.8 million and the second top bidder is SL Capital ventures, which is at $240 million.
The site is tied up with a 99-year leasehold. What is exciting about this site is its location. It is near expressways, shopping centers (e.g. Kovan city and Heartland Mall), Schools (e.g. Serangoon Junior College) and MRT stations like Kovan MRT.
According to reports by the media, this site at Upper Serangoon Road is the first parcel of land to undergo the requirements implemented by BCA or Building and Construction Authority. The set requirements are intended to boost productivity within the area.
Urban redevelopment Authority will announce the winning bid for this site in the coming days.