Sturdee Rd site would have seen 'red hot' demand in better times
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Kalpana Rashiwala
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PROPERTY consultants gave a wide range of forecasts for the number of bids - from three to 15 - for a 99-year private housing site along Sturdee Road released by the Urban Redevelopment Authority (URA). However, their forecasts for the top bid bunched around S$700 per square foot per plot ratio (psf ppr).
Located near City Square Mall and Farrer Park MRT Station, the 0.6-hectare site can be developed into a 30-storey project with an estimated 265 homes. Property consultants noted that the site boasts an attractive city-fringe location with shopping, eating places and other conveniences nearby.
The plot's relatively bite-sized offering - assuming a pricing of S$700 psf ppr, the lump-sum price would be S$161.2 million - means it should attract a fairly high level of participation at tender from small and medium-sized developers, resulting in about 10 to 15 bids, predicts SLP International executive director Nicholas Mak.
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