Wednesday, August 01, 2012

URA launches 3 residential sites for sale by public tender

The Urban Redevelopment Authority (URA) has launched the public tender for two 99-year leasehold residential sites at Farrer Road (pictured) and Tai Thong Crescent (Parcel C) under the reserve list.

The Farrer Road plot has a land area of around 0.27-ha. With a maximum gross floor area (GFA) of 3,839 sq m, it is expected to yield 40 units.

Located near the Botanic Gardens MRT station, the site is linked to major arterial roads and expressways such as Dunearn Road, Bukit Timah Road, Farrer Road and the Pan-Island Expressway (PIE).

The land parcel was triggered for sale on 18 July when a developer submitted an application and committed a minimum bid of S$28.88 million.



Meanwhile, the other residential with first-storey commercial site at Tai Thong Crescent (Parcel C) has a land area of around 0.82-ha. It is expected to generate a GFA of 28,702 sq m or 265 residential units.

Parcel C is close to Potong Pasir MRT station and is easily accessible via major roads and expressways like Upper Serangoon Road, the Pan-Island Expressway (PIE), Kallang Paya-Lebar Expressway (KPE) and Central Expressway (CTE).

The URA announced on 11 July that a developer committed a minimum bid of S$154.47 million for the site to be launched for sale.

The tender for the Farrer Road and Tai Thong Crescent (Parcel C) sites will close on 28 August and 6 September respectively and the winning tenders will be based solely on the tendered price.

In addition, the URA has accepted an application from a developer to launch the tender for another residential site at Prince Charles Crescent. The developer committed a minimum bid of S$390 million for the site.

With an area of about 2.38-ha, the site is expected to yield a maximum permissible gross floor area (GFA) of 49,950 sq m.

Png Poh Soon, Head of Research at Knight Frank Singapore, expects “keen interest for this site”, with five to eight bidders.

The winning bid will likely range between S$780 psf ppr and S$850 psf ppr while the selling price could be around S$1,500 psf to S$1,600 psf.

“The site is within close proximity to Redhill MRT station and is well-connected to the CBD, Orchard Road and Sentosa via Tanglin Road and Alexandra Road. The future development may enjoy unblocked views of the landed estates at Chatsworth Park and Bishopsgate,” noted Png.

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