Stirling Road site launched for sale
By Michael Lim
Stirling Road site
The Urban Redevelopment Authority (URA) has launched two private residential sites at Stirling Road and Lorong 1 Realty Park for sale. Both 99-year leasehold sites can potentially yield about 1,160 residential units.
The Stirling Road site in Queenstown was triggered for sale after a developer committed to bid at least $685.25 million. The committed bid translates to $718 psf per plot ratio based on the site's maximum gross floor area of 88,660 sqm (953,690 sq ft).
The 2.11 hectare site is within walking distance to Queenstown MRT station and it can accommodate approximately 1,110 units. The site was initially made available for sale on the reserve list in March 2010.
Cushman & Wakefield’s director of research Christine Li reckons the sheer size of the site could deter some developers from bidding for it due to the ABSD remission deadline of 5 years.
“Developers who are keen might have to form consortium in order to take on the site," says Li.
Li reckons the number of bidders should be around 8 to 12 and the bid quantum could range from $860 to $950 million, which translates to $900 psf to $1,000 psf per plot ratio.
The second site released by the URA is the 1.34 ha parcel at Lorong 1 Realty Park. The site is located at the junction of Hougang Avenue 2 and Upper Serangoon Road, which could be developed into around 50 homes made up of detached, semi-detached, terrace or strata-titled landed homes. The site was placed on the confirmed sales list in the first half of this year.
According to CBRE’s head of research for Singapore and South East Asia, Desmond Sim the site could attract small to mid-cap developers and the bids could be in the $60 to $70 million ($420 to $480 psf on land area) range.
The public tender for the Stirling Road site will close at 12 noon on May 18, while that for the site at Lorong 1 Realty Park parcel will close at 12 noon on June 1.
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