Aerial view of the residential site at Chong Kuo Road off Sembawang Road. (Photo: URA)
Two residential sites at Chong Kuo Road and Cuscaden Road have been released for sale under the second half 2017 Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said on Tuesday (31 October).
Both are 99-year leasehold sites that could generate up to 250 housing units.
The 46,101 sq ft confirmed list site at Chong Kuo Road off Sembawang Road has a maximum gross floor area (GFA) of 64,551 sq ft. It could be developed into a five-storey project comprising 80 homes.
Nearby amenities include eateries, country clubs and schools such as Chung Cheng High School (Yishun) and Yishun Junior College.
Edmund Tie & Co. head of research Dr Lee Nai Jia feels that the site’s location will attract buyers who like the rustic lifestyle.
“Residents would enjoy the eateries and greenery in the area, and being away from the hustle and bustle of the city,” he said.
Measuring 61,598 sq ft, the Cuscaden Road site is available for application under the reserve list. With a maximum GFA of 172,481 sq ft, it is expected to yield 170 units.
The land parcel is close to the Orchard Road shopping belt and offers easy access to the future Orchard Boulevard MRT station on the Thomson-East Coast Line.
Said Lee: “The future development will attract affluent buyers who like accessibility to the shopping belt and Central Business District, and are intending to get a weekend home.
“Buyers who are looking to invest will also be interested as they can rent to expatriates, medical professionals and affluent families that have members seeking medical services at Gleneagles Hospital and Camden Medical Centre.”
He expects the site at Chong Kuo Road to attract between eight to 12 bids, with a winning bid of around $585 psf per plot ratio (psf ppr) or $37.8 million, while a winning bid of around $1,650 psf ppr ($284.6 million) is anticipated for the Cuscaden site.
The tender for the Chong Kuo site will close on 30 January 2018, said the URA.