KUALA LUMPUR (Jan 17): IOI CORPORATION BHD []’s subsidiary Multi Wealth (Singapore) Pte Ltd has won the tender bid for a parcel of land in the island republic for S$408 million (RM995.50 million).
IOI Corp said on Tuesday Multi Wealth was notified by the Housing & Development Board of Singapore about the successful bid for the 24,417.60 sq metres (6.03 acres) parcel of land.
It said the site is at Jalan Lempeng, off Clementi Avenue 6 and is adjacent to private condominiums such as Park West and Regent Park, Faber Hill landed residences and schools. Across the road is the Clementi town centre.
“The subject land is a parcel of 99-year leasehold land measuring approximately 24,417.6 sq metres with a maximum permissible gross floor area of 68,369.3 sq. metres, which translates into a plot ratio of 2.8.
“The subject land is intended for residential development comprising of condominium units. The gross development value and gross development costs of the proposed development has yet to be determined as the project development plans are still at a preliminary stage,” said IOI Corp.
IOI Corp said on Tuesday Multi Wealth was notified by the Housing & Development Board of Singapore about the successful bid for the 24,417.60 sq metres (6.03 acres) parcel of land.
It said the site is at Jalan Lempeng, off Clementi Avenue 6 and is adjacent to private condominiums such as Park West and Regent Park, Faber Hill landed residences and schools. Across the road is the Clementi town centre.
“The subject land is a parcel of 99-year leasehold land measuring approximately 24,417.6 sq metres with a maximum permissible gross floor area of 68,369.3 sq. metres, which translates into a plot ratio of 2.8.
“The subject land is intended for residential development comprising of condominium units. The gross development value and gross development costs of the proposed development has yet to be determined as the project development plans are still at a preliminary stage,” said IOI Corp.
