Fourth Avenue site triggered for sale at $450m

This article is more than 12 months old

A plum 99-year leasehold residential site in posh Bukit Timah Road has been put on the market at a minimum price of $448.8 million.

The reserve list plot known as Fourth Avenue was triggered for sale when a developer offered the minimum price.

The Urban Redevelopment Authority (URA) said yesterday that the tender will be launched at a later date.

The 18,532 sq m District 10 site, which is near two good-class bungalow estates, appears to have drawn strong interest, with as many as 15 developers expected to throw their hats into the ring.

It has a land area of 1.9ha and a maximum permissible gross floor area of 33,358 sq m, so it could yield 455 units.

ZACD Group executive director Nicholas Mak said: "The land rate of $1,249.92 psf ppr (per sq ft per plot ratio) for Fourth Avenue is very close to the trigger bid of $1,250 psf ppr for the site of the former Zouk in Jiak Kim Street."

Edmund Tie & Company research head Lee Nai Jia said there has been much interest in the site, as it is near the Sixth Avenue MRT station and good schools.

"Based on current market conditions, we expect the winning land bid to be around $567 million ($1,580 psf ppr)," he added.

A Toh Tuck Road site tender near the Bukit Timah housing district attracted a record 24 bids in April, with Malaysian developer S P Setia securing the 99-year leasehold plot for $265 million, or $939 psf ppr.

Two other land parcels were also put up for tender under the Government Land Sales programme yesterday. A site in Chong Kuo Road was launched for sale under the confirmed list. One in Cuscaden Road was made available for application under the reserve list.