Plum site in Queenstown triggered for sale
By Feily Sofian
/ The Edge Property |
A residential site on Stirling Road, next to Queens condominium, will be launched for sale by tender in about two weeks. A developer has triggered the site by committing to a minimum bid of $685,250,000, or $718 psf per plot ratio.
The site, which is within walking distance from Queenstown MRT station, has a maximum permissible gross floor area of 954,327 sq ft and can yield an estimated 1,110 units. It is substantially larger than the Commonwealth Towers and Queens Peak condo sites in the vicinity which fetched $883 and $871 psf ppr respectively.
Desmond Sim, CBRE's head of research for Singapore and South East Asia expects interest for the site to be healthy, drawing between eight and 10 bids. "The bids are expected to come mostly from the major players who may team up with other parties in view of the quantum and the large site. Developers will be keen to leverage the site's accessibility and elevation."
Site location
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