Venture Avenue commercial site awarded to staggering $701 million bid

See who prevailed among the nine bidders.

The Urban Redevelopment Authority (URA) has awarded the tender for the commercial site at Venture Avenue to Sim Lian JV (Vision) Pte Ltd. The company submitted the highest bid in the tender for the site of $701,078,147, equivalent to $10,858.99 per sqm of the 64,562 sqm gross floor area.

Tender for the commercial site was launched on 19 December 2012 and closed on 12 March 2013, attracting nine bidders. The land parcel was offered for sale on a 99-year lease term.

The Venture Avenue site has a site area of 11,528.9 sqm and has an allowable commercial development with minimum component for office use.

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