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Sturdee Road site to draw strong interest, say analysts

SINGAPORE — A residential site in the Farrer Park vicinity has been put up for sale by the Urban Redevelopment Authority (URA), with analysts expecting interest from developers to be strong given the plot’s small size and attractive location.

SINGAPORE — A residential site in the Farrer Park vicinity has been put up for sale by the Urban Redevelopment Authority (URA), with analysts expecting interest from developers to be strong given the plot’s small size and attractive location.

The 65,784 sq ft site on Sturdee Road, located within the city fringes or Rest of Central Region (RCR), is being released from the Confirmed List of the Government Land Sales (GLS) Programme for the first half of the year, the URA said yesterday.

The 99-year leasehold parcel has a maximum gross floor area of around 230,251 sq ft and can yield an estimated 265 private residence units.

“I think the site is rather central and it is quite small, so it should see many interested bidders,” said Mr Ku Swee Yong, chief executive of property agency Century 21.

Echoing his sentiment was SLP International Property Consultants’ executive director of research and consultancy Nicholas Mak, who expects to see 10 to 15 bids submitted for the tender that closes on March 24.

“However, the weaker residential property market would weigh on the bids. Hence, the top bid may range from S$138 million to S$157 million, or S$600 to S$680 per sq ft per plot ratio (psfppr), which is lower than the S$731 psfppr paid for the GLS residential site in Lorong Puntong last October,” he said.

Mr Mak estimated that the Sturdee Road project could be launched at S$1,250 to S$1,350 per sq ft. Lee Yen Nee

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