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New land site expected to be hotly contested

New land site expected to be hotly contested

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SINGAPORE — A private housing site at Toh Tuck Road has been put up for sale on Tuesday by the Urban Redevelopment Authority (URA), with analysts saying the tender is likely to see strong competition among developers due to the location of the land parcel as well as the moderate size of the project that makes it accessible to more builders.

The 99-year leasehold site, released from the Confirmed List of the first half 2017 Government Land Sales (GLS) programme, sits on 18,721.4 square metres, or about 201,515 sq ft, of land. With a maximum permissible gross floor area of 26,210 square metres, or about 282,122 sq ft, the site can yield an estimated 325 homes, the URA said. Upcoming 
executive condo  launches include Hundred Palms Residences EC, Yio Chu Kang EC, Inz Residence EC, Anchorvale Lane EC,  while existing ones include The Terrace EC, Brownstone EC , The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave. Hundred Palms Residences details and Hundred Palms EC show flat will be available shortly.

Mr Nicholas Mak, Head of Research & Consultancy Department at SLP International Property Consultants, said positive attributes of the site include the regular shape of the land plot, its proximity to the Beauty World MRT Station and landed housing areas, as well as a potential yield of 325 residential units that is manageable for many developers. Nearby amenities and educational institutions include Beauty World Plaza, Bukit Timah Shopping Centre and Bukit Timah Primary School, he added.

“Therefore, this subject site is expected to be hotly contested. The tender could draw about eight to 16 bids. The top bid in the tender for this site could range from S$185 million to S$200 million, or S$655 to S$700 per sq ft per plot ratio,” he said.

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