Nine bids received for Punggol F&B site

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The Urban Redevelopment Authority (URA) on Tuesday received nine bids at the close of the tender for a food and beverage site located at Punggol Point.

The highest bid received was S$11.4 million, which translates to about S$3,790 per square metre of Gross Floor Area (GFA); about 33 per cent higher than the second highest bid of S$8.6 million.

The other seven lodged bids ranging from S$1.7 million to S$8.0 million.

The site measures about 11,600 square metres and has a maximum permissible GFA of 3,000 square metres.

The plot can be built into a two-storey development that will have a lease term of 15 years.

URA said a maximum 20 per cent of the total GFA can be used for complementary retail use.