DEVELOPERS have been invited to lodge bids for a 4.1ha residential site in Jalan Eunos.
The 99-year leasehold land parcel can yield 525 low-rise housing units and is permitted a maximum gross floor area of 57,766 sq m.
The developer can opt to build landed homes of up to three storeys on the site, which is near the Eunos flyover.
The sale tender was launched by the Government yesterday.
CBRE Research executive director Li Hiaw Ho said the site is likely to fetch a land price of $218 million to $249 million, or $350 to $400 per sq ft per plot ratio (psf ppr). He said a low-rise condo on the site can probably fetch $850 psf on average.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak expects the site to attract lower bids of $280 to $320 psf ppr.
'Developers may not want to bid very aggressively, given that there will be many sites coming up for sale,' he said.
Yesterday, the Urban Redevelopment Authority also made available another residential site for sale if developers show interest.
This 1.8ha site is at the junction of Buangkok Drive and Sengkang Central, and is near the Buangkok MRT station. With a maximum gross floor area of 55,027 sq m, it can yield 495 apartments.
In response to the strong demand for private homes - and the resulting demand for land from developers - the Government has placed a record 31 sites on its land sales programme for the second half of the year.
The tender for the Jalan Eunos site closes on Sept 7.
Source: Straits Times, 21 Jul 2010