Monday, July 30, 2012

Residential site at Prince Charles Crescent up for tender

SINGAPORE: The Urban Redevelopment Authority (URA) is launching the tender for a 99-year lease residential site at Prince Charles Crescent.

This after a developer has committed to a bid price of not less than S$390 million for this Reserve List site.

That works out to about S$724.9 per square foot, per plot ratio (psf ppr).

The site measures about 2.38 hectares and is located in a prime residential area next to Crescent Girls' school.

It also has a maximum permissible gross floor area of 49,950 square metres, and a maximum building height of 153 metres.

DWG Research & Consultancy said they expect up to six bidders for the site, with bigger developers taking more interest in the site.

This is due to new government requirements to build and sell the project within five years, or pay the Additional Buyers Stamp Duty (ABSD) and absolute quantum of the bid.

The top bid could be in the range of S$800 to S$850 psf ppr or around S$430 to S$457 million.

Meanwhile, the property consultancy estimated the selling price of the completed project to be between S$1,500 and S$1,600 psf.

URA will launch the public tender for the site in about two weeks, while the tender period for the land parcel is about five weeks.

The site was made available for sale under the Reserve List system on May 15, 2012.

View the original article here

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