The Farrer Drive residential development site on the reserve list of the GLS programme received an application bid of $823 psf per plot ratio, triggering the release of the site for public tender. This is the highest application bid in terms of price psf ppr in the history of the programme, notes Nicholas Mak, executive director of research and consultancy at SLP International. Despite its irregular land shape, the site is attractive because of its location in prime district 10, close to Holland Road and within walking distance of the Farrer Road MRT station.
The site can be developed into a 120- to 150- unit residential project. The developer that triggered the tender of the reserve list site submitted a high application bid “perhaps in the hope that it would discourage other developers from participating in the tender”, notes Mak. “The developer that will eventually win this tender is likely to pay a high land price and thus would be building mostly small apartment units to maximise the sale price on a psf basis.” He estimates the range of bids for this tender at $89 million to $94 million, or $825 to $870 psf ppr.
Source: TheEdge – 2012 May 22
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