Thursday, July 19, 2012

URA to launch tender for Farrer Road site

The public tender for a residential site at Farrer Road (pictured) may be launched in about two weeks, according to the Urban Redevelopment Authority (URA).

This comes after the URA accepted an application from a developer which committed a minimum bid of S$28.88 million for the 0.27-ha site.

Made available for sale under the reserve list on 30 April, the land parcel is expected to yield a gross floor area (GFA) of 3,839 sq m. It is centrally located near the Botanic Gardens MRT station and accessible via major roads and expressways.

Png Poh Soon, Head of Research at Knight Frank Singapore expects the winning bid to range between S$990 and S$1,000 psf ppr and the expected unit selling price to be around S$1,800 psf and S$1,900 psf.

“We expect strong competition with about 10 to 15 bidders for the site, due to the premium location and low land price quantum of around S$40 million,” he said.

Png added that the site is a “rare acquisition opportunity for developers, given its prime location within District 10”.

View the original article here

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