Aerial view of the sale site at Silat Avenue. Source: URA
The Urban Redevelopment Authority (URA) launched two residential sites at Mattar Road and Silat Avenue for sale on Friday (16 Mar) under the confirmed list of the first half 2018 Government Land Sales programme.
The two 99-year leasehold sites are expected to yield about 1,375 units.
The 245,973 sq ft Silat Avenue site could yield up to 1,125 housing units and is located next to the 24km-long Rail Corridor.
It is close to the city centre as well as commercial amenities such as Harbourfront and Vivocity. Public transport options include the nearby Outram interchange and future Cantonment MRT station.
“There is opportunity to capitalise on the mature, lush greenery and recreational offering of the Rail Corridor to create a unique and differentiated development that innovatively and sensitively integrates greenery with high-rise living,” said URA.
The land parcel includes five conserved blocks of Singapore Improvement Trust flats built from the 1940s to 1950s, which will be adapted and reused to serve residents.
Dr Lee Nai Jia, head of research at Edmund Tie & Co, reckons the future development will attract a mix of buyers and investors, including medical professionals from the nearby Singapore General Hospital and National Heart Centre.
He forecasts about eight to 10 bidders for the site, with a winning bid of around $1,300 to $1,400 psf per plot ratio (psf ppr).
Meanwhile, the smaller Mattar Road site measures about 67,061 sq ft and is near Mattar MRT station on the Downtown Line. It could yield some 250 homes.
The site is also within proximity to the future Paya Lebar Quarter, a mixed-use development opening in a few years.
“The future development will attract upgraders or families living in the surrounding HDB estates, as well as homeowners downsizing from landed homes in the area,” said Lee.
He added that the site is likely to attract eight to 12 bidders with the projected winning bid of around $1,100 psf ppr.
URA said the tender for both sites will close on 26 April and will be batched with another residential site at Cuscaden Road which was launched for sale on 27 February.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
