Top bids for Canberra Crescent, De Souza Avenue sites could go as high as $430M:analysts

Canberra Crescent may see the top bid reaching $350m.

The two residential sites Urban Redevelopment Authority launched for sale on Tuesday could attract up to five offers each with the top bid for the De Souza Avenue plot expected to go as high as $430m, according to property analysts.

Huttons Asia’s senior director for data analytics, Lee Sze Teck, said the launch of the 355-unit De Souza Avenue site off Upper Bukit Timah Road came at a time when there were no new projects launched within the vicinity recently, and existing projects are fully sold.

Lee sees the site attracting one to three offers with the top bid coming between $1,200 and $1,300 per square foot per plot ratio (psf ppr) for the plot or a total of $398m to $431m.

Justin Quek, CEO of OrangeTee & Tie, said the 1.92ha site could even garner as many as five bids due to the location’s strong appeal to homebuyers. Quek estimated the highest bid price to reach $950 to $1,050 psf ppr.

“The site is situated within a landed housing enclave. It offers scenic views of Bukit Batok Nature Park, thus making it an ideal choice for individuals seeking homes near natural surroundings. Although it is not located in close proximity to Beauty World MRT station, the tranquil living environment and greenery views may appeal to prospective homeowners,” he said.

For the Canberra site near the Bukit Canberra integrated hub, Lee projected the top bid settling between $900 and $1,000 psf ppr, for a total of $317m and $352m. The plot spans 2.05 ha and can yield 375 new homes when developed, located within a 10-minute walking distance to Sembawang and Canberra MRT stations.

“Developers may find the medium-sized site quite attractive as the overall land cost is manageable. There might be a healthy demand for private homes here as the last two new projects, The Commodore and The Watergardens at Canberra in Sembawang, launched in 2021 have since been fully sold,” said Quek

He expects three to six bidders participating in the tender with a top bid ranging from $850 to $950 psf ppr.

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