Image: Artist impression of Eco Sanctuary by SP Setia
The Urban Redevelopment Authority (URA) announced on Tuesday (18 April) that a 18,721 sq m. (201,511 sq ft.) residential site at Toh Tuck Road in Singapore has been awarded to a subsidiary of Malaysian developer SP Setia after it submitted the highest bid of about SGD265 million.
SP Setia International (S) Pte Ltd’s offer translates to SGD10,111 psm (SGD939 psf) based on the plot’s maximum permissible gross floor area (GFA) of 26,210 sq m. (282,122 sq ft.).
According to the firm’s filing with Bursa Malaysia, the 99-year leasehold site will be developed into a five-storey condominium with a gross development value (GDV) of SGD457 million. Expected to launch in 2018, the project will feature 483 units, of which 327 will be luxury apartments.
Besides being a short walk away from the Beauty World MRT station, the development is also near the Bukit Timah Shopping Centre, Bukit Batok Nature Park and Bukit Timah Nature Reserve.
Moreover, the site will be the home of SP Setia’s third development in Singapore, said the developer’s Chief Executive Officer and President Dato’ Khor Chap Jen.
“The group forayed into Singapore in 2012 with 18 Woodsville, a freehold condominium located next to Potong Pasir MRT station and thereafter launched Eco Sanctuary, a 483-unit condominium along Chestnut Avenue.”
The public tender for the Toh Tuck Road site was launched on 28 February and closed on 11 April 2017.
Senior Content Specialist Christopher Chitty edited this story.