All nine bids for the Cuscaden Road site were above $2,000 psf ppr
The records tumbled when developers created a border for residential areas in Cuscaden Road and Mattar Road but a Silat Avenue position was stolen snubbed
A consortium of SC Global Developments, New World Development and Far East Consortium International lodged the top bid of $410 million for the Cuscaden Road site, which is near Orchard Road.This translates to $2,377 per square foot per plot ratio (psf ppr) and trumped eight other bidders.
Its offer not only smashes all records for a residential government land sale (GLS) site but also surpassed market expectations of $1,800 to $2,300 psf ppr, said Ms Tricia Song, head of research for Singapore at Colliers International.
It exceeds the old GLS record of $1,733 psf ppr, paid by Frasers Property for a Jiak Kim Street site, by 37 per cent. SC Global chairman and chief executive Simon Cheong noted that it is more than a decade since a residential GLS site was available near Orchard Road.
JLL's director of national research and consultancy Teck Hui said that the bidding for the roads of Cuscaden and Mattar shows that the demand for residential areas is large.
"With such an important need for websites, the market is likely to stand firm as it continues to be the main source of residential land on GLS," he added.
Its offer not only smashes all records for a residential government land sale (GLS) site but also surpassed market expectations of $1,800 to $2,300 psf ppr, said Ms Tricia Song, head of research for Singapore at Colliers International. It exceeds the old GLS record of $1,733 psf ppr, paid by Frasers Property for a Jiak Kim Street site, by 37 per cent. SC Global chairman and chief executive Simon Cheong noted that it is more than a decade since a residential GLS site was available near Orchard Road.
Ms Song said her forecast range of $3,500 to $3,700 psf is achievable as nearby freehold luxury new launches such New Futura and Le Nouvel Ardmore have achieved average prices of $3,200 to $4,000 psf.
ZACD executive director Nicholas Mak noted the fact that all nine bids for the Cuscaden Road site were above $2,000 psf ppr "will give a shot in the arm for the land sale market, especially the en-bloc sale market".
Currently, The III Cuscaden project is placed Cuscaden Road is in the process of being implemented. This is an investment product that brings modern living residents. With a design that expands space, explores light and reaches a higher level of vision.
The project is rated as the most sought-after residential area in Singapore. The III Cuscaden attracts buyers and investors by its gold position, right in the heart of Orchard. Enjoy high-class housing space in the city with a spacious design. along with modern shopping, dining, entertainment and infrastructure, even pubs are in this area. Just a few minutes walk is possible to ION Orchard, Takashimaya, Wheelock Place, Paragon, Sumerset 313 and many other guests. Move easily by subway and can travel by bus. Inadditon, it near upcoming ORCHARD MRT STATION[TE14]. It takes just a few minutes to reach the green parks, especially Singapore Bontanic Garden, UNESCO site.
The huge Kampong Bahru site in Silat Avenue saw only one bid - from UOL, UIC and Kheng Leong Company at $1.04 billion or $1,138 psf ppr. Mr Ong said the muted demand could be due to the large capital outlay and constraints posed by the presence of conserved buildings.
"With such keen demand for sites, the en bloc market is likely to stay firm as it continues to be the main source of residential land supply over GLS," he added.
UOL deputy group CEO Liam Wee Sin said the consortium is drawn to the inner city location and low supply in the vicinity of the Silat Avenue site: "Our proposed development will likely comprise two 56-storey residential towers and five conserved buildings which we will convert into one-bedroom apartments and common facilities."
The number of homes on the site is capped at 1,125 units while a maximum commercial gross floor area of 1,300 sq m (13,993 sq ft) is allowed. Five conserved buildings are to be retained and restored.
But this has not deterred UOL, which is already developing a 40-storey condo in Clementi called The Clement Canopy using PPVC.
The tender also requires the use of prefabricated, prefinished volumetric construction (PPVC), which could have put developers off.
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