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Frasers Centrepoint puts in top bid for residential site at Sinaran Drive
By Loh Kim Chin, Channel NewsAsia | Posted: 18 July 2006 1936 hrs

	Fraser and Neave (F&N)

SINGAPORE : Frasers Centrepoint - a unit of conglomerate Fraser & Neave - has emerged as the top bidder for a 99-year leasehold residential site at Sinaran Drive.

It submitted a bid of S$238 million for the 1.2 hectare site located near Novena MRT Station.

This translates to a price of S$5,453 per square metre of gross floor area or about S$506 per square foot.

The site had attracted three other bids ranging from S$175 million to S$202 million.

Commenting on the tender, CB Richard Ellis says the top bid is 37 percent higher than the reserve price of $370 psf per plot ratio.

It also reflects Frasers Centrepoint's confidence that residential projects in prime locations will do well and the outlook of the residential market would be favourable.

The Urban Redevelopment Authority (URA) will make a decision on the award of the tenders after it has evaluated the bids.

- CNA /ls