Residential

99-year leasehold Queenstown private housing site attracts 3 bids

The 1.2 ha site located at Commonwealth Avenue opposite the Queenstown MRT Station attracted only three bids, with the top bid of $562.8 million, or $883 psf ppr. While the bid prices were within expectations, the number of bids attracted fell below expectations since it was expected to attract five to 10 bids given the fact that strata landed homes could be built on it and the popularity of homes in the Queenstown area. However, with the recent cooling measures and the upcoming supply from nearby sites, some developers might have chosen not to bid for the site. The site can potentially yield 700 units in a condominium of over 40 storeys given its 4.9 GPR. The estimated breakeven price and selling price are $1,300-1,350 psf and $1,550-1,600 psf respectively.

(Source: Business Times)

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