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The Urban Redevelopment Authority (URA) has awarded the tenders for the sites at Clementi Avenue 1, Pine Grove (Parcel B) and Lorong 1 Toa Payoh to the highest tenderers, namely CSC Land Group (Singapore) Pte. Ltd. and Caspian Residential 3 Pte. Ltd. for the site at Clementi Avenue 1; Golden Ray Edge 3 Pte. Ltd. for the site at Pine Grove (Parcel B); and CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. for the site at Lorong 1 Toa Payoh.
The sites at Clementi Avenue 1 and Pine Grove (Parcel B) were launched for tender on 15 August 2023 while the site at Lorong 1 Toa Payoh was launched on 5 September 2023. The tenders for these sites closed on 7 November 2023. The sites were offered for sale on 99-year lease terms.
Details of the awarded sites and the successful tenderers are provided below:
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| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) |
|---|---|---|---|---|---|
| Clementi Avenue 1 | Residential | 13,451.1 m2 | 47,079 m2 | CSC Land Group (Singapore) Pte. Ltd. and Caspian Residential 3 Pte. Ltd. | $633,447,945.00 ($13,455.00) |
| Pine Grove (Parcel B) | Residential | 25,039.2 m2 | 52,583 m2 | Golden Ray Edge 3 Pte. Ltd. | $692,388,000.00 ($13,167.53) |
| Lorong 1 Toa Payoh | Residential | 15,743.0 m2 | 66,121 m2 | CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. | $968,000,000.00 ($14,639.83) |