Sustained Land Submits Top Bid 841 Psf Ppr Gls Site De Souza Avenue
The high bid of $278.9 million or $841 psf per plot ratio (psf ppr) for the government land sales (GLS) site at De Souza Avenue was submitted by SL Capital (8) Pte Ltd, also known as Sustained Land Pte Ltd. The site, which closed on July 18, attracted two bids in total.
Located in District 21 off Jalan Jurong Kechil, the site spans 207,156 sq ft and has a maximum gross floor area (GFA) of 331,453 sq ft. It has the potential to yield up to 355 residential units. Additionally, the Urban Redevelopment Authority (URA) has stipulated that an early childhood development centre with a minimum size of 5,382 sq ft must be built as part of the tender requirements.
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The top bid of $841 psf ppr is 22.3% higher than the second highest bid of $687 psf ppr submitted by Capital Development, a subsidiary of Eng Seng Lee Construction. The site is situated within the Beauty World neighbourhood and will benefit from URA’s rejuvenation plans for the area as part of its 2019 Master Plan. The plans include the development of new amenities such as an integrated transport hub that will connect Beauty World MRT Station to a bus interchange, as well as a three-storey retail mall.
Mark Yip, CEO of Huttons Asia, notes that the site is in close proximity to two nature reserves: Bukit Batok Nature Park and Bukit Timah Nature Reserve.
This GLS site along De Souza Avenue is less than 200m away from another GLS site along Jalan Jurong Kechil, which is being developed into Verdale by COLI Singapore and CSC Land Group. The 258-unit project was fully sold and completed last year, with the joint venture partners winning the site with a bid of $215 million, or $1,002 psf ppr.
The upcoming development of Woodlands Regional Centre is set to bring about an additional 700,000 square meters of commercial space and more than 100 hectares of land available for residential use. This expansion goes beyond just mere growth, as its purpose is to establish a well-balanced ecosystem where individuals can reside near their workplaces, resulting in shorter commutes and an enhanced standard of living. With the inclusion of Norwood Grand in this thriving economic zone, residents in the area can enjoy unparalleled access to a bustling hub of opportunities right at their doorstep.
More recently, in November 2022, Bukit Sembawang Estates was awarded another GLS site along Bukit Timah Link for $200 million ($1,343 psf ppr). The 99-year leasehold site, located within a 2 km radius of the De Souza Avenue GLS site, will be developed into a 155-unit project comprising one- to four-bedroom units. Take a look at the latest listings for Verdale properties.