Two 99-year leasehold sites, one at Perumal Road is on the confirmed list while the other at Toh Tuck Road which is on the reserve list, are released by the Urban Redevelopment Authority (URA) on Tue 29.11.16 for sale under the Government Land Sales (GLS) Programme for the 2nd half of 2016.
These two sites can yield an approximate total of 525 residential units.
Perumal Road site:
The land parcel at Perumal Road has a maximum gross floor area (GFA) of 16,161 sq m with a land size of 3,848 sq m. The site looks very attractive because it will be able to yield a total of about 200 units including commercial units on the first level. It is also situated close to conveniently accessible amenities such as City Square Mall, 24/7 Mustafa Shopping Mall and the Farrer Park MRT station, all of which are within the Little India Historic District. Schools close by include Farrer Park Primary School, Hong Wen School and St Joseph’s Institution Junior. With its easy access to major expressways namely Central Expressway and Pan-Island Expressway, everyone will wait in great anticipation for this Singapore new property launch in the near future. The site has been launched for tender as it is released on the confirmed list. Tender will close on 10 Jan 2017 at 12 noon.
Toh Tuck Road site:
The Toh Tuck Road site is on the reserve list and will only be opened for tender when a developer agrees to bid at a minimum bid price which is acceptable to the Singapore government. It has a land size of 18,721 sq m with a maximum GFA of 26,210 sq m and is able to yield about 325 new condo launch residential units.
Located close to nature areas like the Bukit Batok Nature Park and the Bukit Timah Nature Reserve, the Toh Tuck Road site is a place for one to return home to from the hustle and bustle of the city centre where one works. It is near schools such as Pei Hwa Presbyterian School and the tertiary institution, Ngee Ann Polytechnic and the Singapore Institute of Management. The site is easily accessed via the Pan-Island Expressway (PIE), the Bukit Timah Expressway and the Beauty World MRT station. Popular eatery corners at Cheong Chin Nam Road and Chun Tin Road bring diners from far and near.
Real estate analysts say that the Perumal Road site has a nice petite land size and is close to the Farrer Park MRT station so it will attract aggressive biddings from at least 7 to 15 bidders. They point to the fact that the nearby Beatty Road site attracted 16 bidders when tender closed last March 2015. On it sits the Sturdee Residences new launch property developed by SL Capital (1) (subsidiary of Sustained land) with a land cost of $787 per square foot per plot ratio (psf ppr).
Research director at Cushman & Wakefield, Ms Christine Li, expects the Perumal Road site to go for about $280 million to $295 million which works out to $800 to $850 psf ppr; and the Toh Tuck Road site could fetch about $210 million to $225 million or $750 to $800 psf ppr.
New Launch Singapore Property In The Vicinity Of:
1. Perumal Road Site
2. Toh Tuck Road Site