The Urban Redevelopment Authority is inviting applications from developers for a condominium site at Alexandra Road. This is one of the residential sites placed for sale under the Reserve List of the Government Land Sales Programme for the second half of 2007.
According to property consultant CBRE, the site can be developed into a condominium development of at least 40 storeys high.
It expects the site to fetch bids in the range of S$650 to S$750 per square foot per plot ratio.
This will translate to an average selling price of between S$1,200 and S$1,300 per square foot.
Meanwhile, property consultant Knight Frank says it expects the site to be popular with developers due to its proximity to the Redhill MRT station and to the Tanglin Road area.
It is forecasting that the site will fetch up to S$180 million, or about S$400 per square foot per plot ratio.
Under the Reserve List, the Government will only release a site for sale if an interested party offers to bid a minimum purchase price that is acceptable. - CNA/ch
No comments:
Post a Comment