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Record bid for Novena site by Hoi Hup, Sunway JV

URA closed the tender for the white site at Thomson Road/Irrawady Road on Dec 4 with nine bids received.

The 71,689 sq ft site launched for public tender on Oct 4 has a maximum permissible GFA of 301,852 sq ft.

At least 30% of the GFA is for hotel use. Of the nine bids received, the highest was S$492.5 million (S$1,631 psf per plot ratio), which was a record high for a white site in terms of price psf ppr.

The bid was submitted by a joint venture between Hoi Hup Realty, Sunway Developments and Hoi Hup JV Development.

This story first appeared in The Edge Singapore weekly edition of Dec 10-16, 2012.

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