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.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.