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URA to launch the tender for the Reserve List site at Victoria Street / Jalan Sultan

Posted on 1 Aug 2012 | Comments Off

The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the site at Victoria Street / Jalan Sultan for sale by public tender.

The land parcel was made available for sale through the Reserve List system on 25 April 2007. URA received an application from a developer for the site to be put up for public tender. The developer committed to bid at a price of not less than $148,688,550 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender.

In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about eight weeks.

Details of the land parcel
With a site area of about 0.84 ha, the site will have a maximum permissible gross floor area (GFA) of 30,977 sqm. Under the tender conditions, the successful tenderer is given the option to develop the site for a hotel or commercial & residential development.

The land parcel is located in proximity to two Historic Districts of Singapore – the Kampong Glam Historic District and Little India Historic District. With Lavender MRT Station nearby, the site enjoys easy access to all parts of the island including the shopping and entertainment precincts in Orchard Road and Bras Basah, Bugis area.

Details of the land parcel and its location plan are provided in Annex 1 and Annex 2.

More details on the land parcel are available on the URA website

Source URA – 2012 Aug 1

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Tagged Jalan Sultan, Kampong Glam, Land Sales, URA, Urban Redevelopment Authority, Victoria Street

URA launches 3 residential sites for sale by public tender

Posted on 1 Aug 2012 | Comments Off

The Urban Redevelopment Authority (URA) has launched the public tender for two 99-year leasehold residential sites at Farrer Road and Tai Thong Crescent (Parcel C) under the reserve list.

The Farrer Road plot has a land area of around 0.27-ha. With a maximum gross floor area (GFA) of 3,839 sq m, it is expected to yield 40 units.

Located near the Botanic Gardens MRT station, the site is linked to major arterial roads and expressways such as Dunearn Road, Bukit Timah Road, Farrer Road and the Pan-Island Expressway (PIE).

The land parcel was triggered for sale on 18 July when a developer submitted an application and committed a minimum bid of S$28.88 million.

Meanwhile, the other residential with first-storey commercial site at Tai Thong Crescent (Parcel C) has a land area of around 0.82-ha. It is expected to generate a GFA of 28,702 sq m or 265 residential units.

Parcel C is close to Potong Pasir MRT station and is easily accessible via major roads and expressways like Upper Serangoon Road, the Pan-Island Expressway (PIE), Kallang Paya-Lebar Expressway (KPE) and Central Expressway (CTE).

The URA announced on 11 July that a developer committed a minimum bid of S$154.47 million for the site to be launched for sale.

The tender for the Farrer Road and Tai Thong Crescent (Parcel C) sites will close on 28 August and 6 September respectively and the winning tenders will be based solely on the tendered price.

In addition, the URA has accepted an application from a developer to launch the tender for another residential site at Prince Charles Crescent. The developer committed a minimum bid of S$390 million for the site.

With an area of about 2.38-ha, the site is expected to yield a maximum permissible gross floor area (GFA) of 49,950 sq m.

Png Poh Soon, Head of Research at Knight Frank Singapore, expects “keen interest for this site”, with five to eight bidders.

The winning bid will likely range between S$780 psf ppr and S$850 psf ppr while the selling price could be around S$1,500 psf to S$1,600 psf.

“The site is within close proximity to Redhill MRT station and is well-connected to the CBD, Orchard Road and Sentosa via Tanglin Road and Alexandra Road. The future development may enjoy unblocked views of the landed estates at Chatsworth Park and Bishopsgate,” noted Png.

Source : PropertyGuru – 31 Jul 2012