URA launches two sites for sale under 2H2018 GLS Programme

The Urban Redevelopment Authority released four sites as part of the 2H2018 Government Land Sales (GLS) Programme. Two of the sites, one on Sims Drive and another along Middle Road, are under the Confirmed List and are open for public tender. A site along Dairy Farm Walk and another along Tan Quee Lan Street off Beach Road are under the Reserve List and are available for application. The four sites are expected to yield about 1,915 residential units when they are fully developed.
The Middle Road GLS site is an 80,328 sq ft plot behind Bugis Cube mall. It is zoned ‘Residential with Commercial at 1st Storey’ and has a maximum gross floor area (GFA) of 337,384 sq ft. The site is expected to yield about 375 units, and about 16,145 sq ft will be set aside for F&B outlets and convenience stores. It could be developed into a high-rise residential project that would appeal to professionals and office workers who wish to live close to the CBD.
The commercial component is an additional attraction of the site, along with its prime location in District 7 and proximity to the Bugis MRT station, says Nicholas Mak, executive director of ZACD Group. There are few comparable sites in the area, and the winning bid would set a new benchmark price for future developments in the Bugis area. “Together with the existing Parkview Square, DUO and Bugis Junction integrated developments, the entire area will have over 2.5 million sq ft of prime grade office and retail space,” says Tricia Song, Colliers International head of research for Singapore.
The site could see eight to 12 bids from mid- and larger-sized developers, and a reasonable top bid could range between $438 million ($1,300 psf per plot ratio) to $506 million ($1,500 psf ppr), says Mak.
URA announced in May this year that the site along Sims Drive would be launched for sale under the 2H2018 GLS programme. The 174,649 sq ft site has a maximum GFA of 523,948 sq ft. Song expects the site could see a top bid of $575 million ($1,100 psf...