A developer has triggered a public tender sale for a Reserve List land parcel for residential development in Farrer Road by offering a minimum bid of $28.89 million.
This trigger bid works out to $699 psf ppr which is about 15% lower than another trigger price at $823 psf ppr for a previous nearby site at Farrer drive.
Nevertheless, the final top bid is estimated to be around $950-$1000 psf ppr and up to 10 developers may bid for this site.
The land site has 99-year lease tenure with land area of about 29,063 sq ft and a gross floor area of about 41,323 sq ft which could accommodate about 40 residential units.
The nearest MRT station from this site is the Botanic Gardens MRT station and is easily accessible to major roads like Bukit Timah Road, Dunearn Road, Farrer Road and major expressways such as the Pan-Island Expressway.
The Urban Redevelopment Authority will launch the site for public tender sale soon with a tender period of about five weeks.
20 Jul 2012