SINGAPORE - A 1.24 ha Executive Condominium (EC) site in Woodlands Avenue 12 was awarded to Hao Yuan Investment Pte Ltd on Tuesday, at the tender price of $103,790,000.

The Housing & Development Board launched the land parcel in December last year and received seven bids on the plot earlier in February.

Hao Yuan Investment submitted the highest bid of $278 per sq ft per plot ratio (psf ppr), 3.8 per cent above the second-highest bid by Allgreen Properties of $99.98 million or $268 psf ppr.

The site allows for an estimated building of 390 homes and has a lease term of 99 years.