URA launches tender for prime Cuscaden Road site
On Feb 27, URA launched the residential site at Cuscaden Road for sale by public tender. The prime 61,597 sq ft site has a frontage along Cuscaden Road and Orchard Boulevard, as well as within walking distance of the upcoming Orchard Boulevard MRT station. Based on a plot ratio of 2.8 and gross floor area of 172,472 sq ft, the 99-year leasehold site can be developed into a new residential project with 170 units.
The site is flanked by YTL Singapore’s 77-unit luxury condominium 3 Orchard-by-the-Park and the 56-unit apartment Park House, where owners are attempting a collective sale.
“The Cuscaden Road site is arguably the most upmarket among the Confirmed List sites in the 1H2018 GLS [government land sales] programme,” notes Nicholas Mak, ZACD Group executive director. “It is also extremely rare for a vacant condominium land parcel at this prime location to be offered for sale, either through a GLS or en bloc tender.”
Aerial view of the Cuscaden Road site (Credit: URA)
As such, Mak expects the site to draw strong interest with between 10 to 18 bids, and reckons a reasonable top bid to be in the range of $310 million to $326 million, or $1,800 to $1,890 psf per plot ratio (psf ppr).
The tender for the Cuscaden Road site will close on April 26.
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