URA Singapore to release 2 new land for residential property

The Urban Redevelopment Authority (URA) yesterday released for purchase two sites which together can yield about 525 residential units.

Analysts expect more powerful curiosity about 1 site, in Perumal Road, with room for 200 units together with commercial area surrounding the very first ground.

The Three, 848 sq m site having a maximum gross floor area (GFA) of 16, 161 sq m has been launched for soft underneath the verified list.

The Perumal Road website is near Farrer Park MRT Station and commercial amenities for example City Square Mall and Mustafa Center inside the Little India Historic Area.

Schools in the region include Farrer Park Primary, Hong Wen and St Joseph’s Institution Junior.

The 2nd site, in Toh Tuck Road, is about the reserve list, therefore it would go to tender only if a developer commits low bid cost acceptable towards the Government.

Both of them are 99-year leasehold sites and they’re on offer underneath the Government Land Sales (GLS) Programme with this 1 / 2 of the yr.

The Toh Tuck Road site, competent to yield about 325 models, includes a maximum GFA of 26, 210 sq m on the plot that spans 18, 721 sq m.

It’s within an established residential area, and it is close to the Bukit Batok Nature Park and Bukit Timah Character Reserve, in addition to schools for example Pei Hwa Primary and Ngee Ann Polytechnic.

Analysts expect the Perumal Road plot to become more desirable to developers, because of its petite size, city fringe location and closeness for an MRT station.

Developers will probably bet positively and fairly strongly with this well-located site, with seven to fifteen bidders expected.

But prices might be dampened because of its next-door closeness to Sri Srinivasa Perumal Temple, that might lead to elevated noise levels during religious festivities.

The website is anticipated to fetch $280 million to $295 million (or $800 to $850 psf per plot ratio) as the Toh Tuck Road plot may go for $210 million to $225 million ($750 to $800 psf ppr.

The Toh Tuck Road parcel could attract five to 10 bids, if the site be triggered readily available for purchase.

The website should see relatively good demand from developers if it’s activated, cellular developers’ hunger to obtain land and also the dearth of recent launches in the region.

The URA stated the soft for that land parcel in Perumal Road will definitely close at noon on Jan 10.