Just last week, the Urban Redevelopment Authority (URA) has announced plans to release a 1.85-hectare private residential site at Fourth Avenue for sale – under the Government Land Sales (GLS) programme’s Reserve List.
According to property consultants, they believe that the Fourth Avenue site is one of the more enticing sites for real estate development and it was triggered for sale after a developer had committed a minimum bid of S$448.8 million (or S$1,249.92 psf ppr).
The last site triggered for sale under the Reserve List was just a mere 2 months ago – the 1.35-hectare mixed-use site at Jiak Kim Street, after receiving a triggering bid of S$689.353 million (S$1,250 psf ppr).
With most of the GLS sites receiving more than 10 bids this year, property analysts are expecting property developers to throw in bullish bids (between 10 to 15 bids in total) for the Fourth Avenue GLS – with the top bid estimated to be in the range of S$500 million to S$550 million (S$1,392 – S$1,532 psf ppr) for this prime residential site situated next to the Sixth Avenue MRT Station and within the upmarket Bukit Timah precinct.
The Fourth Avenue site has a total gross floor area (GFA) of around 359,066 square feet and the future new launch is expected to yield around 455 private homes.
On top of the Fourth Avenue site, 2 more 99-year leasehold sites will also be put up for sale – one located at Cuscaden Road within the Orchard Road precinct and another at Chong Kuo Road at Sembawang.
It was also noted that 2 other residential sites will also be launched for sale in November and December 2017 – a site at Handy Road (which is close Sophia Hills condo, the only project launched for sale since 2015) and another at Sumang Walk (an executive condo site) at Punggol.