Two residential sites, one in Orchard Road and the other near the Kovan MRT Station were released separately for en bloc sale.
Property consultancy firm Credo Real Estate recently announced the sale of Goodrich Park located in Simon Lane with a price tag of between $80 million and $85 million.
According to Credo, more than 80 percent of home owners have agreed to the sale and each may gain at least $1.54 million to $1.63 million from the sale.
Knight Frank also launched the tender for a freehold residential redevelopment site, Cavenagh Mansions, located along Cavenagh Road. The site has an average selling price of about $55 million to $60 million, which translates to around $1,258 psf ppr to $1,367 psf ppr.
Several analysts believe that the asking price for the property is too high. However, they do not think that the simultaneous release of the two sites could spark the return of an en bloc fever.
The real estate market is entering an "uncertain phase" due to the crisis in the eurozone, said Nicholas Mak, a property lecturer from Ngee Ann Polytechnic. He added that property owners may be anxious to sell as "they want to use the present opportunity to sell before any more uncertainty materialises.”
Marketing agents for the two sites said they are very confident that both properties will get good response from interested homebuyers.
Karamjit Singh, managing director of Credo Real Estate in Singapore, said medium- to large-sized property developers will be keen on the Goodrich Park site, which can yield up to 120 apartment units.
Currently, Goodrich Park has 52 units on a land area of about 97,703 sq ft.
Nicholas Wong, Knight Frank’s executive director for investment, believes that foreign developers and boutique property developers will be interested in Cavenagh Mansions since the site is relatively small.
Mr. Colin Tan, research and consultancy director of Chesterton Suntec International, said that the site has a very good location but the problems its small size. "The eventual development needs to be niche or else it will be difficult to get buyers," he said.
The tenders for the two sites will close on July 8.