 |
An Ophir-Rochor land parcel, which a Malaysia-Singapore joint venture company, M-S, might put up for redevelopment, could be worth hundreds of millions of dollars.
According to several analysts, if M-S opens up the parcel to property developers, it could trigger fierce bidding for prime property.
Last week, the Ophir-Rochor land site was removed from the Government Land Sales Programme after being available for sale since 2008.
The URA had said it is reviewing the use of the site.
It has led to countless speculations, especially after Singapore and Malaysia announced that they will form a joint entity called M-S to develop a Singapore site owned by Malayan Railway.
The two countries agreed that their joint venture company would be vested with several land parcels, including those in Woodlands, Kranji and Bukit Timah.
However, they could swop the site for an equivalent property value in the Marina South and Ophir-Rochor areas.
"I think the most likely scenario that will arise from this is that the company will probably trade these parcels of land for something in Ophir or Marina South because those two areas are more ready for redevelopment. The infrastructure around it is ready," said Colin Tan, consultancy director of Chesterton Suntec International Research.
The plot in Ophir-Rochor is estimated to be worth hundreds of millions of dollars.
"One neat and quick way for M-S Private Limited to realise value of some of these sites is to actually sell them in the open market to private developers. After that, they can decide on how to utilise and divide up the sales proceeds," said Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic.