The 99-year leasehold site next to Sixth Avenue MRT station could yield about 455 homes. (Photo: URA)
A reserve list site at Fourth Avenue in Bukit Timah has been triggered for sale after an unnamed developer committed to a minimum bid of $448.8 million, the Urban Redevelopment Authority (URA) said on Tuesday (31 October).
As this is acceptable to the government, the site will be released for sale by public tender.
The 1.9ha site will have a maximum permissible gross floor area of 359,063 sq ft. Offered on a 99-year lease, it is expected to yield about 455 housing units.
The site is next to Sixth Avenue MRT station and is close to various shops and eateries at Coronation Plaza and The Grandstand. Several established schools such as Nanyang Girls’ High School, National Junior College and Hwa Chong Institution are also nearby.
Edmund Tie & Co. research head Dr Lee Nai Jia expects the winning bid to be around $567 million ($1,580 psf per plot ratio), with about eight to 10 bids for the site.
URA said the tender for the site will be launched at a later date with a tender period of about four weeks.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org