Business

Prime residential site near Orchard Road up for sale

A prime residential site near Orchard Road that could yield up to 170 apartments was launched for sale yesterday.

The 61,596 sq ft, 99-year leasehold site has a gross floor area of 172,470 sq ft with a maximum building height of 100m.

The site, which is on the confirmed list in the Government Land Sales (GLS) programme, faces Regent Singapore in Cuscaden Road and is a stone's throw from Tanglin Mall and Camden Medical Centre.

It is likely to draw strong interest due to the limited new supply of private non-landed residential units in the area.

ZACD Group executive director Nicolas Mak said: "The location is arguably the most upmarket among the other sites on the confirmed list. The tender could attract between 10 and 18 bidders."

It is extremely rare for a vacant condominium site in the prime Cuscaden Road area to go on the market, either through a GLS tender or a collective sale, he added.

The plot is also close to the Orchard Boulevard MRT station on the Thomson-East Coast line, which is due to open in 2021.

The launch is the latest in a trio of GLS sites in the area. In December 2017, Frasers Centrepoint Limited won the bid for the Jiak Kim Street plot at $1,732.55 per sq ft per plot ratio. And last month, City Development lodged the top bid for a parcel in Handy Road for $1,722.35 psf ppr.

Mr Leong Boon Hoe, the chief operating officer in Singapore for List Sotheby's International Realty, said the differences in location and other attributes suggests the Cuscaden Road site "could generate interest in the region of $2,100 to $2,300 psf ppr".

Mr Mak said a top bid could range from $310 million to $326m or $1,800 to $1,890 psf ppr.The tender will be batched with two other sites, in Silat Road and Mattar Road, that will be launched for sale in March. Offers must be in by noon on April 26.- THE STRAITS TIMES

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