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URA releases Simon Road residential site for sale
By Jeana Wong, Channel NewsAsia | Posted: 31 August 2006 2133 hrs

A 99-year leasehold residential site on Simon Road next to Kovan MRT station has been put up for sale.

It is one of the sites under the Reserve List of the Government Land Sales programme for the second half of 2006.

Bounded by Upper Serangoon Road, Simon Road and Lowland Road, the land parcel has a site area of 1.8 hectare and a gross plot ratio of 3.5.

It is expected to generate a maximum allowable gross floor area of just over 60,000 square metres with 535 dwelling units.

The Kovan area is one off-prime site where dropping vacancy rates and rising rentals have caught the attention of property analysts.

A three bed-room private apartment in the area now leases for some $2,300 a month, up nearly 30 percent from six months ago. - CNA/ch