URA has launched a 99-year leasehold residential site at Fernvale Road for sale from the Confirmed List of 2H2016 Government Land Sales (GLS) programme. The 185,100 sq ft site with a maximum gross floor area of 555,309 sq ft could potentially yield 605 housing units.
"Bidders of the Fernvale site will be hoping to emulate the success of High Park Residence, which has done extremely well since its launch in 3Q2015, says Dr Lee Nai Jia, Edmund Tie & Company’s head of research for Singapore and South East Asia.
“Including the Fernvale Road site, only three residential sites are confirmed for sale in this second half of 2016,” notes Desmond Sim, Head, CBRE Research, Singapore and South East Asia. “This will certainly nudge developers to bid for the site.”
SLP International's head of research, Nicholas Mak expects this site to draw about five to 10 bids. He estimates that the top bid in the tender to range from $244 million to $272 million ($440 to $490 psf ppr).
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