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Singapore Property News

Bidders tussle for 2 out of 3 residential sites

The latest batched government tender closings of three 99-year leasehold residential sites on Wednesday saw developers flocking to the sites at Cuscaden Road and Mattar Road, and setting a new high in land rate for the prime Cuscaden Road site.

Posted on 27-Apr-2018

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Bidders tussle for 2 out of 3 residential sites

The latest batched government tender closings of three 99-year leasehold residential sites on Wednesday saw developers flocking to the sites at Cuscaden Road and Mattar Road, and setting a new high in land rate for the prime Cuscaden Road site.

But the large site in Silat Avenue pulled in only one developer.

For the Cuscaden Road site within the prime Orchard Road district, the top bid from SC Global Developments, New World Development and Far East Consortium International was S$410 million.

The sum not only smashes the record for a residential government land sale (GLS) site, it also surpasses earlier market expectations of between S$1,800 and S$2,300 psf ppr, said Tricia Song, head of research for Singapore at Colliers International.

The S$$2,377 exceeds the previous GLS record set by Frasers Property for Jiak Kim Street site's S$1,733 psf ppr by 37 per cent.

Explaining his optimism, SC Global Developments chairman and chief executive Simon Cheong noted that it is has been more than a decade since a residential GLS site became available for sale along Orchard Road.

"Surrounded by Singapore's finest hotels with The Regent Hotel in front, St Regis around the corner and Four Seasons to the side, this highly sought-after address presents a wonderful opportunity to create a distinctive new collectible," he said.

Based on the land price, consultants are expecting a breakeven price of between S$3,100 and S$3,300 psf, with the selling price for the new project to be between S$3,300 and S$3,700 psf.

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