The Singapore government launched a residential site at Cuscaden Road for sale by public tender today under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of 2018.
This subject site has a land area of 5,722.5 sqm (61,596 sqft) and can yield a maximum Gross Floor Area (GFA) of 16,023 sqm (172,470 sqft). This development site could be developed into about 170 housing units, with a maximum building height of 100m.
The following are some of the positive attributes of this site:
- Close proximity to the future Orchard Boulevard (Thomson-East Coast line) MRT station, which is one stop away from the future Orchard MRT interchange station.
- Close proximity to the prime Orchard shopping belt, which offers ample retail, dining and entertainment options.
- The subject site is also a short drive away from CBD, Botanic Gardens, Gardens by the Bay and Singapore River.
The location of this subject site is arguable the most upmarket among the other sites in the Confirmed List of GLS programme.
Expected number of bids & range of top bids
It is extremely rare for a vacant condominium land parcel at the prime Cuscaden Road area to be offered for sale, either through a GLS tender or an enbloc sale. Due to the limited new supply of private non-landed residential units in the vicinity, this tender will draw strong interest from major developers due its rarity and prime location. The tender could attract between 10 and 18 bidders.
The highest bid for the GLS site at Jiak Kim Street which tender closed on 5 December 2017 worked out to be $1,732.55 psf ppr. Additionally, City Development Limited placed the top bids of S$212.2 million, working out to S$1,722.35 psf ppr for the plot in Handy Road which tender closed last month on 30 January 2018.
The reasonable top bid in the tender for this site could range $310 million to $326 million ($1,800 to $1,890 psf ppr).