Prince Charles Crescent reserve site for tender sales

Prince Charles Crescent reserve site is triggered for tender sale as a developer has placed a bid of at least $390 million. This is a 2.38 ha residential site within walking distance to the Redhill MRT station. At this trigger bid, it is equivalent to $725 psf ppr. This site is expected to provide about 590 units of residential apartment.

Analysts are cautiously bullish on the final winning as it is a regular-shaped 99-year leasehold site within the prime residential area and expect final winning bid to be in the region from $420 million to $500 million.

They also expect developers that specialise in middle tier to high-end segments to bid for this site as most plots on the government land sales programme’s confirmed list are in suburban areas. Interested developers may also come from those that have exhausted their land bank and not keen in developing suburban homes.

Sales comparable from nearby projects like Ascentia Sky and The Metropolitan Condominium were transacted from $1,300 to $1,400 psf. As such, the eventual winner of this tender may target to sell the new project at above $1,400 psf as it is near to the prime Tanglin planning area.

2 Aug 2012