The site at Stirling Road was triggered for sale after a developer committed to a minimum bid of $685,250,000. (Photo: URA)
The Urban Redevelopment Authority (URA) announced yesterday that it accepted an application from a developer to put up a residential site at Stirling Road in Queenstown for sale by public tender.
The 2.11ha site was first made available for sale on the reserve list in March 2010. According to the URA, the unnamed developer committed to a minimum bid of $685,250,000.
As the price is acceptable to the government, the 99-year leasehold plot will be released for sale in about two weeks. It is expected to yield 1,110 housing units.
“Interest for the site is expected to be healthy, with between eight to 10 bids mostly from the major players who may team up with other parties in view of the quantum and the large site. Developers will be keen to leverage the good accessibility of the site and the higher ground on which the site sits,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.
The land parcel is close to the Queenstown MRT station and a few malls including Queensway Shopping Centre and Tiong Bahru Plaza.
The future development is also ideal for families with school-going children as various schools including Gan Eng Seng Primary School, Crescent Girls’ School and the Global Indian International School are located nearby.
Dr Lee Nai Jia, Senior Director, Head (SEA) Research at Edmund Tie & Co., revealed that prices of new developments in the vicinity ranged from $1,500 psf to $1,700 psf on strata area. “Bids are likely to range from $830 to $920 psf per plot ratio, with the winning bid likely to be higher than $920,” he said.
But he noted that there are several existing and upcoming developments nearby. Future developments include Artra (400 units) and the recently sold Government Land Sales site at Margaret Drive (300 units).
“In light of the supply in the area, some developers’ may focus on the land parcels at Upper Serangoon Road and Toh Tuck Road instead,” said Lee.