Another site at Meyer Road offers bite-size option, with $65m price tag
DEVELOPERS hungry for land were offered two plum residential sites yesterday. One is a 99-year leasehold plot at Upper Thomson Road, opposite the Singapore Island Country Club’s Island Golf Course, which boasts views of Lower Peirce Reservoir.
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| Reservoir view: The Upper Thomson Road plot can be built up to 20 storeys |
The 224,303 square foot plot, which was triggered for release from the government’s reserve list, can be developed into a condo of up to 20 storeys with about 400 units.
The land parcel’s minimum price is $82 million or $174 per square foot of potential gross floor area, although property consultants expect top bids to come in much higher – at $300 to $425 psf per plot ratio (psf ppr). They reckon a new condo on the site could fetch an average selling price of about $800-1,000 psf.
The second offering is a 28,167 sq ft freehold plot put on the market through a collective sale of The Meyer Place in District 15. The reserve price is said to be $65 million, which works out to about $1,150 psf ppr including an estimated $3 million development charge.
The site is zoned for residential use and has a 2.1 plot ratio under Master Plan 2008. Continue reading
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