URA launches Jalan Tembusu site for lease
An estimated 840 units can be made on the site.
The Urban Redevelopment Authority (URA) has launched the Jalan Tembusu site for sale under the Government Land Sales (GLS) programme.
Jalan Tembusu has a total site area of 20,572.1 square meters and a maximum gross floor area of 72,993 square meters, according to URA’s listing.
The land is zoned “residential” with a maximum building height of 70 meters to 75 meters. It has a lease of 99 years.
An estimated 840 units can be made in the site, URA said.
ALSO READ: ‘Strong’ hiring market expected in Q2
Sze Teck Lee, senior director of research at Huttons Asia, noted that the successful tender price is estimated to be between S$1,300 and S$1,400 per square foot (psf)
“Jalan Tembusu site sits in District 15, a popular area for many buyers. It is not far from Tanjong Katong MRT station. Furthermore the project offers unblocked views as homes in the vicinity are predominantly landed and low rise developments,” Lee noted regarding the site.
Lee further expects the number of bidders to between 3 to 5 given that the absolute quantum for the site is more than S$1b.
Christine Sun, Orange Tee & Tie senior vice president for research and analytics, said that due to the size of the site developers may opt to form a consortium to share bidding costs. Sun estimates a bid price of S$1,300 to S$1,380 psf.
The tender for Jalan Tembusu will close at 12NN on 18 July 2023 at URA.