Ayer Rajah Land Site

Three residential property sites which amounted to $728.55 million were successfully sold last Wednesday, February 07 declared by Urban Redevelopment Authority (URA).

Specifically, an estimate of 210,881 sq ft areas of West Coast Vale was acquired by the auxiliary of City Developments Limited (CDL) for the amount of  $472.4 million. The market price rendered by CDL Pegasus reach as much as $800 psf per highest permissible GFA or  Gross Floor Area of 590,476 sq ft.

CDL Pegasus purchase also the 51,626 sq ft area along Handy Road for about  $212.2 million, which is equivalent to $1,722 psf per  123,204 sqft GFA.

Finally through the collaboration of OKP Land and Lian Soon Holdings acquired the 46,101 sq ft land area along Chong Kuo Road in a total amount of $43.95 million. The selling market price reaches $681 psf per 64,551 sq ft. on GFA.

All three developments tendered the highest bids to all three 99-year leasehold properties.

Earlier, the land areas around Chong Kuo Road, West Coast Vale and Handy Road were all launched for disposal last October 31, November 19 and December 0f 2017 thus followed by the simultaneous closure on January 30, 2018.