URA launches 2 residential sites for sale under GLS

Two residential sites – in Mattar Road and Silat Avenue – have been put on the market under the confirmed list in the Government Land Sales programme.

The Mattar Road plot, which is on a 99-year lease, is 6,230.2 sq m with a maximum gross floor area (GFA) of 18,691 sq m. It can yield an estimated 250 units.

Around 1,125 units can be built on the Silat Avenue site, which is also on a 99-year lease. It occupies 22,851.6 sq m with a GFA of 84,551 sq m. The site can have residential and commercial components on the first storey.

Dr Lee Nai Jia, the head of research at Edmund Tie & Company, said the Silat Avenue parcel would draw eight to 10 candidates, given its location on the fringe of the Central Business District.

Dr Lee noted that the most recent land deal in the area was the collective sale of Pearl Bank Apartments at an estimated land rate of $1,515 per sq ft per plot ratio (psf ppr). This suggests the winning bid would likely be around $1,300 to $1,400 psf ppr.

Dr Lee said the Mattar Road site would probably benefit from its proximity to Paya Lebar, where Paya Lebar Quarter will open in a few years.

“The most recent land sale near the site is the collective sale of Eunosville in 2017, with an estimated land rate of $909 psf ppr.

“Based on current market conditions, we project the winning bid to be around $1,100 psf ppr.

“This site is likely to attract eight to 12 bidders,” said Dr Lee.

The Urban Redevelopment Authority said tenders for the two sites close at noon on April 26.

The tender closing will be batched with a residential site in Cuscaden Road that was launched for sale on Feb 27.