News: Irwell Bank Road residential site for sale for $650m

Nov 1, 2019

This residential site was also launched under the government land sales (GLS) programme’s confirmed list for the second half of 2019.

A residential site at Irwell Bank Road has been launched for sale by the Urban Redevelopment Authority (URA) via public tender, with the projected top bid ranging from $650 million to $680 million, reported The Straits Times.

This price works out to $1,700 to $1770 per square foot (psf) per plot ratio (ppr).

The 99-year leasehold site occupies an area of 12,789 sq m (137,659 sq ft) that has a gross floor area of 35,809 sq m (385,444 sq ft). It also has a maximum building height of 36 storeys and can yield around 445 residential units.

The property is within walking distance to the upcoming Great World City MRT Station, the Orchard Road entertainment and shopping belt and Great World City. It is also in close proximity to ISS International School, River Valley Primary School and Dimensions International College.

This residential site was also launched under the government land sales (GLS) programme’s confirmed list for the second half of 2019.

“The Irwell Bank Road site is the most appealing out of the GLS slate for the second half of 2019, and will “attract developers who are keen to add a rare, sizeable residential site in the prime District 9 to their development pipeline”, said Tricia Song, Colliers International head of research for Singapore.

“However, given the relatively large quantum required, we expect the tender for the site to be cautious, attracting four to six bids, in line with the average five bids for residential sites costing over $300 million since the cooling measures were implemented in July 2018,” she added.

Song noted that developers will probably take their cue from how the 455-unit Riviere performs, which is around 600 m away. It has managed to sell 45 units at a median price of $2,850 psf since its launch.

Tender for the Irwell Bank Road residential site closes on 9 January 2020.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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