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The 99-year leasehold site has a maximum gross floor area (GFA) of 36,679 sq m and a maximum building height of 83 m. Image: URA Space
An 8,732.9 sq m site at Northumberland Road has been launched for sale by public tender under the Confirmed List of the second half 2020 Government Land Sales (GLS) Programme, announced the Urban Redevelopment Authority (URA) on Tuesday (27 October).
Zoned residential with commercial at first storey, the 99-year leasehold site has a maximum gross floor area (GFA) of 36,679 sq m and a maximum building height of 83 m.
The site enjoys a corner frontage to a main road, and can yield around 405 residential units. It also comes with a retail cap of 1,500 sq m GFA and a minimum 500 sq m GFA for a childcare centre.
“To provide developers with additional time in making their assessment in view of the current COVID-19 situation, we will offer a longer tender period of six months and the tender for this site will close at 12 noon on 27 April 2021,” said URA.
Tricia Song, Head of Research for Singapore at Colliers International, describes the Northumberland Road site as the most attractive among the Confirmed List sites on the 2H 2020 GLS due to its proximity to the city fringe, the MRT station as well as its relatively palatable size.
Notably, the Northumberland Road site is situated “at the junction of Racecourse Road and Gloucester Road, diagonally across from the Farrer Park MRT station and the Farrer Park Hospital”.
And since it is just outside the Little India Historic District, the site is also in proximity to large retail developments like Mustafa Centre and City Square Mall.
Song noted that the nearest comparable is the Uptown@Farrer “which is currently under construction and has sold 40 units (of a total 116 units) at an average price of $1,845 per sq ft (psf) since its launch in September 2019”.
“It was also a GLS site, sold in January 2017 for $1,001 per sq ft per plot ratio (psf ppr) drawing a robust 11 bids,” she added.
For the Northumberland Road site, Song expects the site to draw five to seven bidders, with a top bid of $900 to $1,000 psf ppr, given the cautiously optimistic sentiment and uncertainties around construction costs.
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