The Urban Redevelopment Authority (URA) has released two residential sites at West Coast Link / West Coast Crescent and Choa Chu Kang Road / Phoenix Road for sale through public tender.
Located in the western part of Singapore, both land parcels were launched for sale under the confirmed list of the 1H2011 Government Land Sales (GLS) programme, and they could yield a total of 695 housing units.
The site at West Coast Link / West Coast Crescent has a total area of 12,662.7 sq m and a maximum permissible gross floor area (GFA) of 381,600 sq ft. It is zoned for a condominium housing development and can yield up to 360 units.
“The site at West Coast Link is adjacent to The Vision condominium, which is currently under construction. Other condominiums nearby include Blue Horizon, West Bay, Westcove, Clementiwoods and Varsity Park,” said Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE) Research.
“Assuming that the new project on the subject site will be able to sell at around S$1,000 psf to S$1,100 psf, we estimate it will be able to fetch bids (of) S$214 million to S$221 million (S$560 psf/plot ratio to S$580 psf/plot ratio),” he said.
Meanwhile, the second plot at Choa Chu Kang Road / Phoenix Road is situated near the Phoenix and Teck Whye LRT stations. It is also close to the upcoming Junction 10 mall and Bukit Panjang MRT station.
The site has a total area of 15,385.7 sq m and a maximum permissible GFA of 347,800 sq ft. It can be developed into a new 24-storey condominium of approximately 335 units.
“The site located at Choa Chu Kang Road is flanked by the landed homes of Pavilion Park (on one side) and Phoenix Heights Estate on the other. This location is on the fringe of (the) Choa Chu Kang and Bukit Panjang HDB estates and will benefit from the amenities and facilities there. The ITE College West is situated nearby and the Teck Whye LRT station is a short walk away,” said Mr. Li.
He noted that the project on the second site could fetch a land price of S$208 million to S$222 million (S$600 psf/plot ratio to S$640 psf/plot ratio).
The tender for the residential sites at West Coast Link / West Coast Crescent and Choa Chu Kang Road / Phoenix Road will close on 23 and 30 June 2011 respectively.
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