City living gets more room with Enggor Street residential site
The focus may be on the upcoming Marina Bay, but another city locale five minutes away is fast becoming this year's rejuvenation hotspot.
The Tanjong Pagar area now counts a cool half-dozen sites that have been released into the market just this year.
A 0.28-hectare plot of land at Enggor Street (picture) is the latest to be launched for sale. Now just known as Land Parcel B, it will be the third addition to the upcoming city-living landscape in the area.
Only two weeks ago, another residential site at Enggor Street was put up for public tender, while the first condominium development in the area is the Icon, located just behind the latest site.
Earlier this year, the Government also sold four other sites: Two for office developments along Anson Road and two hotel sites between Tanjong Pagar Road and Tras Street, near Amara Hotel.
Land Parcel B can have a maximum permissible gross floor area of about 23,420 sq m with an option for commercial use on the first storey.
Real estate services company CB Richard Ellis Research's executive director Li Hiaw Ho expects the project to house 235 apartments.
"We expect the subject site to be able to attract bids exceeding $200 million given the current appetite among developers to acquire good sites," he said. "At $800 per square foot (psf) per plot ratio, the breakeven cost will work out to $1,350 psf."
The latest URA data for August transactions showed that eight units at Icon and two units at The Clift, at nearby McCallum Street, were sold at the median price of $2,100 psf.
In a press release yesterday, the Urban Redevelopment Authority said: "The residential site will cater to the demand for inner city living … and will provide another excellent opportunity for the development of a distinctive and high-quality residential development in the city centre."
Mr Li agreed that the easy reach of amenities and entertainment facilities and the proximity of Marina Bay would make the project "attractive" to owner-occupiers and investors, but he pointed out that the site "may have a limited view since it is behind Icon".
Elsewhere, Sentosa Cove is launching today the land parcel for its final condominium development, The Pinnacle Collection, which will be its tallest building at up to 20 storeys and can have a maximum of 357 luxury apartments.
It is one of two sites that flank the entrance of the marina leading into Sentosa Cove and will have the South China Sea, the Southern Islands, the Tanjong Golf Course and the city skyline for window views.
The minimum price tag for developers is $963,800,000 or $1,600 psf.
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