Two residential sites at Alexandra View and Jalan Kandis were released for sale on Wednesday under the Government Land Sales (GLS) Programme for the second half of 2015, revealed the Urban Redevelopment Authority (URA).
Both 99-year leasehold sites are expected to yield a total of 515 housing units.
Launched under the confirmed list, the residential with 1st storey commercial site at Alexandra View measures about 90,731 sq ft, with a maximum gross floor area (GFA) of 442,967 sq ft.
Strategically located next to Redhill MRT station, within an established residential estate, the future development will be close to Tiong Bahru Plaza, Queensway Shopping Centre and IKEA Alexandra. Crescent Girls’ School and Gan Eng Seng Primary and Secondary Schools are also in the vicinity.
Property developers are expected to submit expensive bids for the plum site. For instance, the soon-to-be launched Principal Garden condominium in nearby Prince Charles Crescent was awarded to UOL Group for $463.1 million in April 2014, while the nearest land parcel off Alexandra Road on which the recently completed Ascentia Sky project sits on, was acquired by Wing Tai Holdings in December 2011 for $396 million.
URA said the tender for the land parcel at Alexandra View will close on 12 November 2015.
Meanwhile, the 75,851 sq ft plot at Jalan Kandis in Sembawang was made available on the reserve list and offers a GFA of 106,197 sq ft.
Situated on the waterfront facing the Johor Straits, the site is within proximity to Sun Plaza, Sembawang Park, and established schools such as Canberra Primary School and Wellington Primary School.
Developers’ bids for this site are likely to be much lower. In fact, the recently launched Brownstone executive condominium at nearby Canberra Drive was awarded to CDL for $226 million in January last year.
The site will be triggered for sale once a developer offers a minimum price which is acceptable to the government.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email email@example.com