Monday, May 14, 2012

URA reserve list site at Farrer Drive to launch for tender

A residential site at Farrer Drive (pictured) will be put up for sale in about two weeks under the reserve list, following a developer’s request to bid a minimum of S$88.89 million for the plot, according to the Urban Redevelopment Authority (URA).

With an area of around 0.63-ha, the 99-year leasehold site has a maximum permissible GFA (gross floor area) of 10,030 sq m.

Located within an established private residential enclave in the central region, it is easily accessible via major arterial roads and expressways including Farrer Road, Holland Road, the Pan-Island Expressway (PIE) and Ayer Rajah Expressway (AYE).

According to Nicholas Mak, Head of Research at SLP International Property Consultancy, the site will likely attract four to nine bids that could range between S$89 million and S$94 million.

He added that the winning developer will likely raise a high bid and build small homes to make the most of the sale.

“The usual strategy used by most developers to trigger reserve list sites for tender is to submit a low application bid that would be accepted by the Government... In this case, the party (probably hopes) that it would discourage other developers from participating.”

View the original article here

Source From Property Guru

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