Keen interest seen for Siglap site

A rare East Coast condo site launched for sale by the Government yesterday is set to attract strong interest from developers.

The 207,847 sq ft site in Siglap Road could yield an estimated 750 residential units, and is the largest site on the confirmed list of the Government Land Sales programme for this half-year.

While the overall price could be daunting, developers are likely to form joint ventures.

"They will certainly look into the site due to the location, which is hard to come by," said Mr Desmond Sim, CBRE research head for Singapore and South-east Asia.

A project on the parcel, which is between Victoria School and the East Coast Parkway, would also offer unblocked sea views, he noted.

The last time a GLS condo site came up along the East Coast Park stretch could have been nearly 20 years ago, said Mr Lee Liat Yeang, a partner in the real estate practice at Rodyk & Davidson. In early 1997, a unit of Cheung Kong Holdings bought the site of Costa Del Sol.

"The main weakness is probably the noise of the expressway, but that is a trade-off factor for the views and access to the beach and amenities," said Mr Lee.

The site is about 3km from the nearest MRT station at Bedok, said Mr Nicholas Mak, SLP International executive director. The nearer Siglap MRT station is expected to be operational only in 2023.

Eventual pricing for a project on the site could be about $1,300 per sq ft - a 25 to 30 per cent premium over older developments in the area, said Mr Ong Kah Seng, R'ST Research director.

The site could draw six to eight bids, with a top bid of $790 to $850 psf per plot ratio ($574 million to $654 million), property consultants said.

This article was first published on November 27, 2015.
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