Clementi Avenue 1 site launched for sale by URA
The site is expected to yield approximately 640 private residential units
Under the Confirmed list of the 1H 2019 government land sales (GLS) programme, a 99-year leasehold private residential site at Clementi Avenue 1 has been launched for sale via public tender, by the Urban Redevelopment Authority (URA).
The Clementi Avenue 1 GLS site is located just opposite Nan Hua High School and The Clement Canopy by UOL. It has a total land area of 178,065.6 square feet (sq ft) and a plot ratio of around 3.5.
With a permissible gross floor area of 623,235.6 sq ft, the site has the potential to yield around 640 private homes.
It was noted that the winning tenderer will be required to provide a childcare center within the future new launch condo, with a minimum gross floor area of 700 square meters.
According to market watchers, the Clementi Avenue 1 GLS site could potentially draw only 4 to 6 bids from property developers, noting that the last concluded Kampong Java GLS tender in January drew less than 7 bids.
The top bid is expected to be around $520 million or $830 psf ppr and the future selling price of the new Clementi condo could be around $1,400 psf on average.
The tender will be closed on 03 July 2019, 12 noon.