Developers show strong interest for Little India site
A 99-year leasehold residential site at Sturdee Road in the Little India district received 16 bids from developers after its tender closed on Tuesday, according to the Urban Redevelopment Authority (URA).
SL Capital (1) submitted the top bid of $181.2 million, up 7.3 percent from the second highest bid of $169 million from Singland Homes.
Launched for sale on 10 February, the 6,111.5 sqm site has a maximum gross floor area of 21,391 sqm and could yield 265 housing units.
The strong interest for the site reflects the developers need to replenish land banks, said Desmond Sim, CBRE Research Head, Singapore and South East Asia.
The palatable quantum of the site also attracted the appetite of various developers, he added.
Relatively close to the CBD, this vicinity is becoming more trendy with chic retail and F&B offerings.
Sim noted that the last Government Land Sales (GLS) site put on offer within the vicinity was in Bendemeer back in 2011.
When completed, the development is poised to enjoy panoramic views of the city. The winning bidder looks set to capitalise on these factors as well as may gain an advantage from a longer gestation period to ride out the current market conditions.
Image source: URA
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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