SINGAPORE: A residential site at Fourth Avenue in Bukit Timah has been triggered for sale by public tender after a developer committed to placing a bid of at least S$448.8 million, the Urban Redevelopment Authority (URA) said in a press release on Tuesday (Oct 31).
The site was available for sale on the Reserve List of the 1st Half 2017 Government Land Sales Programme.
With a land area of about 1.9 ha, the 99-year leasehold site at Fourth Avenue will have a maximum permissible gross floor area of 359,062 sq ft.
The site is expected to yield 455 units.
"The land parcel at 4th Avenue is a very attractive site, with Sixth Avenue MRT station at its door step and its close proximity to the good schools," said Dr Lee Nai Jia, Head of Research at Edmund Tie & Co.
"There has been much interest in the site ... Based on the current market conditions, we expect the winning land bid to be around S$567 million (S$1,580 per sq ft per plot ratio). We expect about 8 to 10 bids for the site."
Land parcels on the Confirmed List of the Government Land Sales programme are put up for sale regardless of market interest, while those on the Reserve List are triggered for tender only if a developer commits to bid at a price acceptable to the land sale authorities.
“URA received an application from a developer for the site to be put up for public tender … As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender,” the housing authority said.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. The tender for the land parcel will be launched at a later date.