SINGAPORE (EDGEPROP) - Joint venture partners CDL and MCL Land have submitted the top bid for the Northumberland Road Government Land Sales (GLS) site for $1,129.38 psf per plot ratio (ppr).
The tender for the site, which is under the 2H2020 GLS programme, received 10 bids altogether.
The site is zoned for “residential with commercial at first storey”, and can potentially yield about 405 residential units. It spans a land area of 8,732.9 sq m (94,000 sq ft), and has a gross floor area cap of 36,679 sq m.
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The site is close to amenities such as Mustafa Centre, City Square Mall, Tekka Place, Tekka Market, Little India Historic District and Pek Kio Market & Food Centre. Schools such as Farrer Park Primary School and St Joseph’s Institution Junior are nearby. It is also next to Farrer Park MRT Station on the North-East Line.
Factoring in the bid price, Nicholas Mak, head of research and consultancy at ERA, estimates that the future residential project on the site could be launched at prices between $2,000 and $2,100 psf.