GLS site at Northumberland Road launched for sale
By Charlene Chin
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - URA has launched a site at Northumberland Road for sale by public tender under the 2H2020 Confirmed List of the Government Land Sales (GLS) Programme.
(Credit: URA)
The site is zoned for “residential with commercial at 1st storey”, and can potentially yield about 405 residential units. It spans a land area of 8,732.9 sq m (94,000 sq ft), and has a gross floor area cap of 36,679 sq m.
“The nearest comparable will be Uptown@Farrer, which is currently under construction and has sold 40 units (of a total 116 units) at an average price of $1,845 psf since its launch in September 2019. It was also a GLS site, sold in January 2017 for $1,001 psf per plot ratio (psf ppr) drawing a robust 11 bids,” comments Tricia Song, head of research for Singapore at Colliers International.
Song expects the site to draw five to seven bidders, with a top bid of $900 to 1,000 psf ppr, with launch prices at $1,900-$2,000 psf.
The site is close to amenities such as Mustafa Centre, City Square Mall, Tekka Place, Tekka Market, Little India Historic District and Pek Kio Market & Food Centre. Schools such as Farrer Park Primary School and St Joseph’s Institution Junior are also nearby. It is also next to Farrer Park MRT Station on the North East Line.
In light of the pandemic, URA will provide a longer tender period of six months. The tender for the site will close on April 27 next year, at 12 noon.
Check out the latest listings near: Uptown@Farrer, Mustafa Centre, City Square Mall, Tekka Place, Farrer Park Primary School , Farrer Park MRT Station
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