A 99-year leasehold residential site at Prince Charles Crescent (Parcel B) has been put up for sale in a public tender by the government, with analysts saying that this will stoke healthy interest from many developers given its prime location.
The parcel, which is expected to yield some 655 residential units, is part of the confirmed list of the Government Land Sales (GLS) programme for the first half of this year.
According to the Urban Redevelopment Authority (URA), the land parcel has a site area of 268,713 sq ft, or 24,964 sqm with a permissible gross floor area of 564,308 sq ft, or 52,426 sqm.
It is located within an established residential estate and a 10-minute drive to Orchard Road and the city centre. Schools located within the vicinity include Crescent Girls' School and Gan Eng Seng School.
Since the tender is for the only site in the confirmed list that is located in the city fringe, it is expected to garner a healthy number of bids on its April 16 tender submission date. However, developers are not likely to be aggressive in their bid prices, given concerns over recent softness in the residential market.
Property analysts expect the land parcel to attract as many as 10 bids from major developers, including foreign players with a top bid of between $928 to $980 psf ppr.
Smaller developers may pool together via joint ventures to spread the risks and costs.
The site enjoys proximity to the Central Business District while being nestled in a quiet neighbourhood, which analysts believe will translate into healthy interest from investors as well as owner-occupiers, depending on the unit mix.
The tender for the site will close at noon on April 16.
For more District Guides, you can head over to iProperty.com Singapore.
