As reported by the Urban Redevelopment Authority recently, the tender for a residential site, Parcel B, located at Jurong West Street 41 with a 99 year leasehold, has closed this past Tuesday after it had secured 9 bidders.

The site was launched for sale in December of 2014, offering a space of 17,803.5 square meters. This equates into a permitted maximum GFA (gross floor area) of 49,850 square meters.

Of these 9 bids, it was MCL Land (Vantage) who submitted the top bid for $338.12 million, an amount that equates to about $6,782.71 per square meter on the gross floor area scale in Kingsford Waterbay.

Kingsford Waterbay in Serangoon

Coming in at second place in the bidding war was HY Realty who offered $317.9 million. Allgreen Properties came in at the lowest bid offered for $222.89 million.

Desmond Sim, the CBRE Research Head of South East Asia and Singapore, has …