Friday, March 12, 2010

URA to launch sale of residential site

Another Reserve List site has been triggered.

The Urban Redevelopment Authority (URA) said it will launch for sale a residential site at the junction of Upper Changi Road North and Flora Drive in two weeks’ time.

It said a developer has committed to bid no less than S$82 million for the three-hectare site. The minimum price is acceptable to the government.

URA said the land parcel can yield 390 units.

Some analysts said the top bid for the Upper Changi Road North site could range between S$160 million and S$185 million.

That would translate to about S$350 to S$400 per square foot per plot ratio.

A residential site at Sengkang West Avenue has already been sold via the Reserve List in February.

Together these two sites can potentially yield about 855 residential units.

There are another 16 residential sites remaining on the Reserve List of the first half of 2010 Government Land Sales (GLS) Programme that can potentially be triggered for sale.

Source: Channel News Asia, 12 Mar 2010

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