URA releases residential site in Farrer Park

The Urban Redevelopment Authority (URA) has released a residential site at Sturdee Road for sale today under the Confirmed List of H1 2015 Government Land Sales (GLS) programme.

Measuring 6,111.5 sq m, the site has a Maximum Gross Floor Area (GFA) of 21,391 sq m and is estimated to yield 265 housing units.

The nearest MRT station to the 99-year leasehold site currently is Farrer Park, and it is close to the upcoming Bendeemer station on the Downtown line.

The site is a short drive to Orchard Road, with close proximity to the Central Business District (CDB).

Desmond Sim, Head of CBRE Research in South East Asia said, “This is the first of a limited pool of six sites that are being offered for sale under the GLS for the first half of the year. The relatively small plot will translate to a palatable quantum of between $160 million to $180 million, on the basis of $700 per plot ratio.”

CBRE expects healthy interest in the site from at least 10 developers.

The tender for the land parcel (pictured) will close on 24 March 2015.

Sturdee-Road-land-parcel

Image by URA

 

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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