Upper Paya Lebar Road residential site attracts highest bid of $392.3m

See who stands to win the tender.

The Urban Redevelopment Authority has announced the closing of the tender for the residential site at Upper Paya Lebar Road.

The site at Upper Paya Lebar Road, which was launched for public tender on 18 November 2013, attracted the highest bid of $392.3m from UOL Overseas Investments Pte Ltd.

This translates to a tendered sale price of $6,978.19 per sqm of its gross floor area measuring 56,218 sqm.

The second-highest bid came from EL Development Pte Ltd at $378.3m.

A total of seven bids were submitted, with the lowest bid at $205.8m.

The site was offered for sale on a 99-year lease term.

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