Clementi Avenue 1 housing plot launched for tender

SINGAPORE — The Urban Redevelopment Authority (URA) yesterday launched a residential site at Clementi Avenue 1 for sale by public tender under the Government Land Sales (GLS) programme for the second half of this year.

The 99-year leasehold 140,339sqf plot has a maximum permissible gross floor area of 491,189sqf, which can yield about 460 housing units, the URA said. Analysts said the site’s positive attributes include its proximity to amenities such as a wet market, hawker centre, shopping malls and schools.

Mr Nicholas Mak, executive director of Research & Consultancy at SLP International Property Consultants, said the tender would likely attract 10-16 bids, with the top bid ranging from S$314 million to S$340 million. This translates to between S$639 and S$692 a square foot per plot ratio.

“We expect this subject site to attract a fairly high level of interest from developers due to its location within the popular Clementi town and the absence of competition from other new launches in the neighbourhood,” said Mr Mak. “In addition, the Government is launching only four condominium sites this second half of 2015, fewer than the five condominium sites launched for sale in the first half of 2015. The lower supply of development sites could attract more developers’ interest.” New private residential developments in the vicinity include the 210-unit Waterfront @ Faber and the 55-unit The Trilinq.