A 99 year leasehold mixed-use site from the reserve list of the Government land sale scheme near to the Potong Pasir MRT station received 8 bids for the tender sale. This implies a healthy demand for residential sites that has commercial shop units.
The highest bidder for the 88,265 sq ft site at Tai Thong Crescent came from a unit of City Development and Hong Leong Holdings at $245 million which is $793 psf ppr. The second highest bid came in at $220.6 million from CEL property.
This GLS reserve list site was triggered for tender sale in July after a bid was received at $154.47 million
Mixed-use developments like the Hillier, One Dusun Residences, Space @ Kovan have achieved good sale price and fast take-up rate.
Analysts expect the upcoming development can fetch above $1,450 psf for the residential apartments which will set a new benchmark in the neighbourhood for a 99 years tenure property. The commercial shops are expected to be asking at above $2,500 psf.
According to the URA Master plan, this site was a plot ratio of 3.5 which could potentially develop into a 19-storey 265 condominium units and 28 commercial units new development.
The selling point for this new project will be homes near MRT stations with the popular configuration of retail units within the new development.
23 Sep 2012