Strong demand seen for Queenstown condo site

Strong demand seen for Queenstown condo site
Above photo is CBRE executive director Li Hiaw Ho.

SINGAPORE - The last two 99-year-leasehold private housing sites on the second half 2012 Government Land Sales (GLS) programme have been released.

One is a plum site next to Queenstown MRT Station being offered on the confirmed list and tipped by some analysts to fetch a top bid of $1,000 per square foot per plot ratio (psf ppr) or more.

The other site, next to Tanah Merah MRT Station, is being made available for application on the reserve list.

The Urban Redevelopment Authority (URA), acting as land sales agent for the government, will launch this site for tender only if it receives an application from a developer accompanied by an undertaking of a minimum bid price acceptable to the state.

Along Commonwealth Avenue, next to Queenstown MRT Station, the Housing & Development Board, as a state land sales agent, is offering a 1.2-hectare plot that can potentially yield about 700 homes.

The site has a 4.9 plot ratio (ratio of maximum gross floor area to land area), which means it can accommodate a high-rise condo of over 40 storeys, say property consultants.

Predictions of the top bid for this site range widely - from $700 psf ppr to $1,100 psf ppr.

Five to 10 bids are expected for the land parcel, though Donald Han, special adviser at HSR Property Group, predicts more than 10 bids.

He also has the most bullish forecast for the winning bid, $960-$1,100 psf ppr, citing "an iconic residential development with a breathtaking view of the city" which could rise from the land parcel.

The most conservative winning bid forecast of $700-$800 psf ppr came from CBRE executive director Li Hiaw Ho. This is significantly lower than the $970 psf ppr fetched earlier this month for a 99-year condo site in Alexandra Road/Alexandra View near Redhill MRT Station - one stop closer to the city.

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