UPDATED: The Urban Redevelopment Authority (URA) has released a residential site at Sturdee Road for sale today under the Confirmed List of H1 2015 Government Land Sales (GLS) programme.
Measuring 6,111.5 sq m, the site has a Maximum Gross Floor Area (GFA) of 21,391 sq m and is estimated to yield 265 housing units.
The nearest MRT station to the 99-year leasehold site currently is Farrer Park, and it is close to the upcoming Bendeemer station on the Downtown line.
The site is a short drive to Orchard Road, with close proximity to the Central Business District (CDB).
Desmond Sim, Head of CBRE Research in South East Asia said, “This is the first of a limited pool of six sites that are being offered for sale under the GLS for the first half of the year. The relatively small plot will translate to a palatable quantum of between $160 million to $180 million, on the basis of $700 per plot ratio.”
CBRE expects healthy interest in the site from at least 10 developers.
The tender for the land parcel (pictured) will close on 24 March 2015.
Image by URA
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
