Cuscaden Rd site up for tender under Govt Land Sales scheme

[reporter2]

Cuscaden Rd site up for tender under Govt Land Sales scheme

The plot is likely to draw strong interest due to the limited new supply of private non-landed residential units in the area.



Feb 28, 2018

Navin Sregantan


A prime residential site near Orchard Road that could yield up to 170 apartments was launched for sale yesterday.

The 61,596 sq ft, 99-year leasehold site has a gross floor area of 172,470 sq ft with a maximum building height of 100m.

The site, which is on the confirmed list in the Government Land Sales programme, faces Regent Singapore in Cuscaden Road and is a stone's throw from Tanglin Mall and Camden Medical Centre.

The plot is likely to draw strong interest due to the limited new supply of private non-landed residential units in the area.

ZACD Group executive director Nicolas Mak said: "The location is arguably the most upmarket among the other sites on the confirmed list. The tender could attract between 10 and 18 bidders."

It is extremely rare for a vacant condominium site in the prime Cuscaden Road area to go on the market, either through a GLS tender or a collective sale, he added.

The plot is also close to the Central Business District and the Orchard Boulevard MRT station on the Thomson-East Coast Line that is due to open in 2021.



The launch is the latest in a trio of GLS sites in the area. In December last year, Frasers Centrepoint Limited won the bid for the Jiak Kim Street plot at $1,732.55 per sq ft per plot ratio (psf ppr). And last month, City Developments lodged the top bid for a parcel in Handy Road for $1,722.35 psf ppr.

While these prices might provide a reliable gauge, Mr Leong Boon Hoe, chief operating officer in Singapore for List Sotheby's International Realty, said the differences in location and other attributes suggest the Cuscaden Road site "could generate interest in the region of $2,100 to $2,300 psf ppr".

Mr Mak said a top bid could range from $310 million to $326 million or $1,800 to $1,890 psf ppr.

The tender will be batched with two other sites, in Silat Road and Mattar Road, that will be launched for sale next month. Offers must be in by noon on April 26.

[reporter2]

Cuscaden Road site up for tender under govt land sales programme

Wed, Feb 28, 2018

Navin Sregantan


A SITE within the prime Orchard Road district has been launched for sale by public tender on Tuesday under the Urban Redevelopment Authority's (URA's) Confirmed List of the first half 2018 Government Land Sales (GLS) programme.

The 5,722.5 square metre 99-year leasehold site is zoned for residential use under URA's 2014 Master Plan and has a gross floor area of 16,023 sq m with a maximum building height of 100 m.

The site, which the URA said could potentially yield about 170 residential units, faces Regent Singapore along Cuscaden Road, and is a stone's throw from Tanglin Mall and Camden Medical Centre.

Given its central location, the plot is likely to draw strong interest from property developers due to the limited new supply of private non-landed residential units in the area.

Said ZACD Group's executive director Nicolas Mak: "The location of this subject site is arguably the most upmarket among the other sites in the Confirmed List of the GLS programme. . . The tender could attract between 10 and 18 bidders."

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, he added.

Among other attributes of the locality is its close proximity to the central business district and the Orchard Boulevard MRT station along the Thomson-East Coast line, which is due to open in 2021.

The launch is the latest among some GLS sites in the prime area. In December 2017, Frasers Centrepoint Limited won the bid for the Jiak Kim Street GLS site at S$1,732.55 per square foot per plot ratio.

Last month, City Developments Limited placed the top bid for the GLS plot along Handy Road for S$1,722.35 psf ppr.

While these prices might provide a reliable gauge for the price of the Cuscaden plot, List Sotheby's International Realty's chief operating officer in Singapore, Leong Boon Hoe suggested that given the difference in locational and positioning attributes between the Handy Road and Cuscaden Road plots, the latter "could generate interest in the region of S$2,100 to S$2,300 psf ppr".

Meanwhile, Mr Mak said a reasonable top bid for the site could range from S$310 million to S$326 million (S$1,800 to S$1,890 psf ppr).

With units at the newly launched New Futura at Lornie Hill Road selling for between S$2,900 psf and S$3,560 psf since the start of the year, Mr Leong explained: "The strong take-up and prices achieved (at New Futura) will give developers the confidence that a sustainable recovery in the luxury sector is in the works."

"We expect the sale of this Cuscaden Road parcel will certainly have a trickling down effect and strengthen the prices of luxury apartments in both the primary and secondary markets," Mr Leong added.

The tender for the site will close at 12 noon on April 26.

The tender closing for this plot will be batched with two other residential sites at Silat Road and Mattar Road which will be launched for sale in March 2018, the URA added.

These two sites are also under the Confirmed List of the first half 2018 GLS programme.