mr funny
01-02-07, 10:41
Singapore
Published February 1, 2007
Handy Road residential site may fetch $60-70m
99-yr leasehold site is within prime property district
By UMA SHANKARI
MARKET watchers estimate a 3,580 square metre Handy Road residential site offered by the Urban Redevelopment Authority (URA) could fetch $60-70 million.
The 99-year leasehold site has a 2.8 plot ratio, giving a maximum gross floor area of about 10,000 sq m. At $60-70 million, the price would be $556-648 per square foot per plot ratio (psf ppr). 'We expect the tender price to be around $600 psf ppr,' said Li Hiaw Ho, executive director of property firm CB Richard Ellis's research unit.
'The selling price for the residential project that is eventually built will average between $1,200 and $1,300 psf.'
The land right next to the site - on which 8 @ Mount Sophia is being built - was sold in 2002 for less than $300 psf ppr. 8 @ Mount Sophia was launched in March 2005 at more than $700 psf. For this site, the maximum building height is 10 storeys.
The latest Handy Road site is one of two residential parcels transferred to the confirmed list from the reserve list under the government's land sales programme for the first half of 2007. The other, at Choa Chu Kang/Woodlands roads, is scheduled for launch in June.
The Handy Road site is within the prime residential district, next to shopping and entertainment amenities such as Plaza Singapura, The Atrium @ Orchard and The Cathay.
'It offers future residents a variety of lifestyle opportunities and amenities such as shopping, dining, cinema, theatres and performance venues,' URA said. Another selling point is that Dhoby Ghaut MRT station is next door.
The tender closes at noon on March 28. The successful tenderer will have the option of developing the site for full residential use or residential use with a commercial element on the first floor.
Published February 1, 2007
Handy Road residential site may fetch $60-70m
99-yr leasehold site is within prime property district
By UMA SHANKARI
MARKET watchers estimate a 3,580 square metre Handy Road residential site offered by the Urban Redevelopment Authority (URA) could fetch $60-70 million.
The 99-year leasehold site has a 2.8 plot ratio, giving a maximum gross floor area of about 10,000 sq m. At $60-70 million, the price would be $556-648 per square foot per plot ratio (psf ppr). 'We expect the tender price to be around $600 psf ppr,' said Li Hiaw Ho, executive director of property firm CB Richard Ellis's research unit.
'The selling price for the residential project that is eventually built will average between $1,200 and $1,300 psf.'
The land right next to the site - on which 8 @ Mount Sophia is being built - was sold in 2002 for less than $300 psf ppr. 8 @ Mount Sophia was launched in March 2005 at more than $700 psf. For this site, the maximum building height is 10 storeys.
The latest Handy Road site is one of two residential parcels transferred to the confirmed list from the reserve list under the government's land sales programme for the first half of 2007. The other, at Choa Chu Kang/Woodlands roads, is scheduled for launch in June.
The Handy Road site is within the prime residential district, next to shopping and entertainment amenities such as Plaza Singapura, The Atrium @ Orchard and The Cathay.
'It offers future residents a variety of lifestyle opportunities and amenities such as shopping, dining, cinema, theatres and performance venues,' URA said. Another selling point is that Dhoby Ghaut MRT station is next door.
The tender closes at noon on March 28. The successful tenderer will have the option of developing the site for full residential use or residential use with a commercial element on the first floor.