As part of the Goverment Land Sales (GLS) of 2016, the Urban Redevelopment Authority (URA) has sold a site along Clementi Avenue 1.
The 140,000 sqft parcel of land was awarded to a joint venture by Singland & UOL, with a winning bid of $302.1million. This translates into $615 psf per plot ratio, and a break even price of $1,100 psf for the developers.
Their bid was nearly $30million higher than the second highest bid, made by Oxley-Lian Beng Venture.
The Clement Canopy, an upcoming luxury condominium will be built on this parcel of land. The Clement Canopy is projected to offer 505 luxury residences, housed within two 40-story towers.