On Feb 27, URA launched the residential site at Cuscaden Road for sale by public tender. The prime 61,597 sq ft site has a frontage along Cuscaden Road and Orchard Boulevard, as well as within walking distance of the upcoming Orchard Boulevard MRT station. Based on a plot ratio of 2.8 and gross floor area of 172,472 sq ft, the 99-year leasehold site can be developed into a new residential project with 170 units.

The site is flanked by YTL Singapore’s 77-unit luxury condominium 3 Orchard-by-the-Park and the 56-unit apartment Park House, where owners are attempting a collective sale.

“The Cuscaden Road site is arguably the most upmarket among the Confirmed List sites in the 1H2018 GLS [government land sales] programme,” notes Nicholas Mak, ZACD Group executive director. “It is also extremely rare for a vacant condominium land parcel at this prime location to be offered for sale, either through a GLS or en bloc tender.”

As such, Mak expects the site to draw strong interest with between 10 to 18 bids, and reckons a reasonable top bid to be in the range of $310 million to $326 million, or $1,800 to $1,890 psf per plot ratio (psf ppr).

The tender for the Cuscaden Road site will close on April 26.