By Romesh NavaratnarajahA 23,322 sq m site at Pasir Ris (pictured) has been awarded to Elitist Development Ltd after it offered the highest bid of S$165.89 million in a public tender that closed last Friday, said the Housing and Development Board (HDB).
Located at the junction of Pasir Ris Drive 3 and Elias Road, the 99-year leasehold site was launched for sale on 15 February 2012. It is proposed for strata landed housing or condominium development. It has a maximum permissible gross floor area (GFA) of 32,650.8 sq m with a gross plot ratio of 1.4 and a maximum building height of 60m.
Li Hiaw Ho, Executive Director at CBRE, said the land parcel is surrounded by the landed homes of Riverina estate and Pasir Ris Heights.
"The Elias Mall and Pasir Ris Community Centre are just across the road from the site. The Pasir Ris MRT station, White Sands shopping mall and Downtown East are a short drive away."
He noted that a new condo development on the site may be priced around S$900 psf. Related Stories:Loss of foreign talent affecting private property rentals
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