Mystery developer bids $390m for Prince Charles Crescent plot
The 2.38-ha site will be for sale by public tender in about two weeks.
In a release, the Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the residential site at Prince Charles Crescent for sale by public tender.
The land parcel was made available for sale through the Reserve List system on 15 May 2012. URA received an application from a developer for the site to be put up for public tender. The developer committed to bid at a price of not less than $390,000,000 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site in about two weeks. The
launch date will be announced later. The tender period for the land parcel will be about five weeks.
With a site area of about 2.38 ha, the residential site will have a maximum permissible gross floor area (GFA) of 49,950 sqm.
The land parcel is located in an established residential area within the central region. It is located near Redhill MRT station and is also a short drive away from the Central Business District, Marina Bay and Orchard Road.