SINGAPORE (THE BUSINESS TIMES) – The Urban Redevelopment Authority (URA) on Tuesday launched a residential-with-commercial site for tender, while JTC launched two industrial land plots – one via tender and another for application.
URA put up the Northumberland Road site near Farrer Park for sale via public tender. The land plot is zoned residential with commercial at the first storey and spans 8,732.9 sq m.
The 99-year leasehold site can potentially yield about 405 residential units and falls under the confirmed list of the second half of 2020 government land sales programme, URA said. The maximum gross floor area is 36,679 sq m, while the maximum building height is 83 metres Singapore height datum.
The parcel is located at the junction of Racecourse Road and Gloucester Road, diagonally across from the Farrer Park MRT station and the Farrer Park Hospital. It is also near Mustafa Centre.
To provide developers with additional time in making their assessment in view of the Covid-19 situation, URA said it will offer a longer tender period of six months. The tender for the site will close at 12pm on April 27 next year.
Huttons Asia director of research Lee Sze Teck said the site may attract up to seven bidders and bids between $900 and $950 per square foot per plot ratio, given its attractive city fringe location, it being next to the Farrer Park MRT and with plenty of amenities in the area such as shopping malls.
“With the property market turning the corner and unsold units dwindling, developers will be keen to replenish their landbank,” he added.
Separately, JTC on Tuesday said it has launched two industrial sites under the second half of the 2020 industrial government land sales (IGLS) programme.
The launch is part of the government’s efforts to offer more choices for industrial development, JTC noted.
The site at Gambas Way (Plot 3) near Sembawang Avenue is available for tender, while the site at Tampines North Drive 5 (Plot 11a) is available for application.
Both plots have a 20-year tenure and are zoned Business 2 (B2) for heavy industrial use under the URA’s Master Plan 2019.
The Gambas Way site is the second of three confirmed list sites for the second half of the 2020 IGLS programme. It occupies an area of 0.69ha, with a gross plot ratio of 2.0. The tender for this will close on Dec 22 at 11am.
Meanwhile, the Tampines North site is the second of three reserve list sites under the 2020 IGLS programme. It has an area of 0.54ha and a gross plot ratio of 2.5. Application for this plot will expire on Dec 31 at 11am.
Confirmed list sites are launched according to schedule regardless of demand, while a site on the reserve list is put up for tender when a developer makes an offer acceptable to the government.
With additional information from The Straits Times
“Source:[URA launches site at Farrer Park; JTC offers parcels at Sembawang, Tampines] © Singapore Press Holdings Limited. Permission required for reproduction”