Sing Development, Wee Hur snap up coveted Fernvale home site

Tendered price sits at $287.1 million.

After a heated competition between developers to acquire the residential site at Fernvale Road, the United Redevelopment Authority awarded the site to the consortium between Sing Development Ltd. and Wee Hur Development Pte. Ltd. after the two submitted a $287.1 million.

The site has a total area of 17,195.9 sqm with a maximum gross floor area of 51,588 sqm.

According to a report by OCBC, the site, which is less than 100m from the Thanggam LRT station, has attracted developers as it can yield about 600 homes.

OCBC also noted that its massive market size, a $620-million estimated gross development value, would "move the needle for most developers.”

More so, it has potential for strong sales given the absence of competing launches coming up in the area. Additionally, the most recent development around the area was the 1390-unit High Park Residences, which is already 98% sold.