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Thread: URA launches 2 residential sites for sale under GLS

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    Default URA launches 2 residential sites for sale under GLS

    URA launches 2 residential sites for sale under GLS

    Mar 17, 2018

    Mattar Road plot can yield about 250 units; about 1,125 units can be built on Silat Ave site

    Nisha Ramchandani


    Two residential sites - in Mattar Road and Silat Avenue - have been put on the market under the confirmed list in the Government Land Sales programme.

    The Mattar Road plot, which is on a 99-year lease, is 6,230.2 sq m with a maximum gross floor area (GFA) of 18,691 sq m. It can yield an estimated 250 units.

    Around 1,125 units can be built on the Silat Avenue site, which is also on a 99-year lease. It occupies 22,851.6 sq m with a GFA of 84,551 sq m. The site can have residential and commercial components on the first storey.

    Dr Lee Nai Jia, the head of research at Edmund Tie & Company, said the Silat Avenue parcel would draw eight to 10 candidates, given its location on the fringe of the Central Business District.

    Dr Lee noted that the most recent land deal in the area was the collective sale of Pearl Bank Apartments at an estimated land rate of $1,515 per sq ft per plot ratio (psf ppr). This suggests the winning bid would likely be around $1,300 to $1,400 psf ppr.

    Dr Lee said the Mattar Road site would probably benefit from its proximity to Paya Lebar, where Paya Lebar Quarter will open in a few years.

    "The most recent land sale near the site is the collective sale of Eunosville in 2017, with an estimated land rate of $909 psf ppr.

    "Based on current market conditions, we project the winning bid to be around $1,100 psf ppr.

    "This site is likely to attract eight to 12 bidders," said Dr Lee.

    The Urban Redevelopment Authority said tenders for the two sites close at noon on April 26.

    The tender closing will be batched with a residential site in Cuscaden Road that was launched for sale on Feb 27.


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    Tenders launched for parcels at Mattar Road, Silat Avenue

    Mattar Road site has an area of 6,230.2 square metres and the one at Silat Avenue occupies an area of 22,851.6 sq m

    Sat, Mar 17, 2018

    Nisha Ramchandani


    SINGAPORE'S Urban Redevelopment Authority (URA) has launched two residential sites at Mattar Road and Silat Avenue for sale by public tender under the confirmed list of the first half 2018 Government Land Sales (GLS) programme.

    The land parcel at Mattar Road, which is under a 99-year lease, has a site area of 6,230.2 square metres with a maximum gross floor area (GFA) of 18,691 sq m. It can yield an estimated 250 units.

    The site at Silat Avenue, also under a 99-year lease, occupies an area of 22,851.6 sq m and with a GFA of 84,551 sq m. It can yield a maximum of 1,125 housing units. The site is zoned for residential and residential with commercial at the first storey.

    The building height for both developments will vary. The Mattar Road site has a low rise zone of five storeys and a high rise zone of 64 metres above mean sea level (AMSL), while the Silat Avenue site will have a low rise zone of 50 metres and a high rise zone of 200 metres AMSL.

    Lee Nai Jia, the head of research at Edmund Tie & Company, described the Silat Avenue land parcel as attractive, given its location at the fringe of the Central Business District. Noting that the most recent land sale in this area was the collective sale of Pearl Bank Apartments, with an estimated land rate of S$1,515 per square foot, Dr Lee said that the winning bid was likely to be around S$1,300 to S$1,400 per sq ft per plot ratio, and would draw eight to 10 bidders.

    As for the Mattar Road land parcel, Dr Lee said the area would probably benefit from its proximity to Paya Lebar, with Paya Lebar Quarter, a mixed development, opening in a few years' time.

    "The most recent land sale near the site is the collective sale of Eunosville in 2017 with an estimated land rate of S$909 per sq ft. Based on current market conditions, we project the winning bid to be around S$1,100 per sq ft. This site is likely to attract eight to 12 bidders," said Dr Lee.

    URA said the tender for the two sites will close at noon on April 26. The tender closing for these two sites will be batched with another residential site at Cuscaden Road, which was launched for sale on Feb 27

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