http://www.straitstimes.com/Money/St...ry_821356.html
Potong Pasir mixed-use site up for sale
Published on Jul 12, 2012
By Amanda Tan
A POTONG Pasir mixed-use site has been triggered for sale by public tender after a developer offered to bid at least $154.5 million for the plot.
The 8,200 sq m site in Tai Thong Crescent can accommodate 267 flats with commercial units possible on the first floor.
The 99-year-leasehold site is a short walk to Potong Pasir MRT station and near the St Andrew's cluster of schools.
It will be launched for public tender in about two weeks, the Urban Redevelopment Authority (URA) said.
Up to 15 developers are expected to bid.
Unlike confirmed list sites, which go on sale on a particular date, reserve sites are triggered for sale only when a developer agrees to pay an acceptable minimum sum.
Property consultants estimate that the top bid could be between $580 and $750 per sq ft per plot ratio (psf ppr) or as high as $232 million.
Besides being near the MRT station, the site is attractive because of the shortage of amenities in the area, said Mr Lee Sze Teck, Dennis Wee Group's senior manager of research and consultancy.
Its commercial component could include shops and restaurants and meet the needs of other new condos in the area such as Nin Residence, he said, adding that these units could go for $4,000 to $4,500 psf.
Buyers of residential units can expect prices from $1,250 to $1,400 psf, experts said.
But the new project will face a major road junction and a very busy flyover, noted SLP International's head of research Nicholas Mak.
'Part of the development also faces a two-storey height restriction which will restrict the development configuration,' he pointed out.
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