Perumal Road & Toh Tuck Road New GLS Site
URA Announces For Sale Of Two Residential Sites
Two sites for sale are recently opened by the Urban Redevelopment Authority which can hold 525 residential units.
According to analysts, the site at Perumal Road will have growing attraction for investors, offering 200 units as well as commercial space located at the first floor. The site recently launched for tender has a total area of 3,848 square meters and a GFA (gross floor area) of 16,161 square meters.
The site at Perumal Road gathers the most attention due to its close proximity to a number of amenities such as the City Square Mall, the Farrer Park MRT Station, as well as the Mustafa Centre at the Little India Historic District. There are also nearby schools at the site, giving future residents wider options such as Hong Wen, St. Joseph’s Institution Junior, and Farrer Park Primary. In the middle of 2016, another developer launch a new launch condo nearby. The development is known as Sturdee Residences.
The other site located in Toh Tuck Road is still on the reserve list. The site will only be given to a developer if a minimum bidding price acceptable by the government will be met. Toh Tuck Road site has the capacity to hold up to 325 units within the land area of 18,721 square meters and GFA of 26,210 square meters.
Toh Tuck Road site is a well-established area close to Bukit Batok Nature Park and the Bukit Timah Nature Reserve. Schools near the area include Ngee Ann Polytechnic and Pei Hwa Primary.
Both of the sites are on a 99-year tenureship offered by the Government Land Sales Programme. However, Perumal Road site will likely to gain more attraction due to its accessibility to the MRT station and city location. Mr. Ong Kah eng, the R’ST Research Director, is already expecting 7 to 10 bidders for Perumal Road.
On the other hand, another real estate agency believed the bids for Perumal Road site will reach up to 15 bids, given that the place is near to Sturdee Road site which was able to get 16 bids.
Although the site can cost a premium due to its better attributes, Ms. Christine Li of Cushman & Wakefield believe that the pricing could be lowered a bit due to its close distance with Sri Srinivasa Perumal Temple which can be very noisy during festivals and may discourage some home buyers.
Ms. Li also added that the Perumal Road site could reach a total worth of $280 – $295 million while the Toh Tuck Road site can go about $210 – $225 million. The Toh Tuck Road plot could also attract between 5 to 10 bids, according to real estate firm Orange Tee. The head of research and consultancy of the firm Wong Xian Yang believed that the site may also be attractive for developers due to an increased demand of lands and new developments within the area.
The tender for Perumal Road site will be until noon of January 10 only, according to the URA.