A 99 years leasehold residential site for new condo launch at Martin Place had been released for sale by URA from the confirmed list of first half of 2016 Government Land Sales or GLS in short programme. This new property development site has a total land area of 171,535 sqft and the piece of real estate has a maximum gross floor area of 480,307 sqft which could well be developed into a new condominium project of total 450 to 460 new condo units. Due to its prime location being well within close proximity to future Great World MRT station and River Valley Primary School, this land sales will definitely draw strong and keen interest from many developers.
The last GLS site within the vicinity of this GLS sales at Martin Place was bid successfully in March 2011 by City Developments Ltd or CDL in short with a bid of $938 psf per plot ratio which was eventually development into 70 units of new launch condo project called [email protected] Quay situated next to 300 rooms M Social Hotel.
In neighbouring district 9, the last GLS site was awarded to Hoi Hup and Sunway Development for their joint venture in the new condo development of Sophia Hills at Mount Sophia comprising of 493 condominium units in this 99 years leasehold project. Both Hoi Hup and Sunway Development won the bid at a price tag of $1,157 psf per plot ratio. Another GLS site nearby at Handy Road was awarded to Allgreen Properties in 2007 and the site had been developed into a 118 condominium units of new property project named Suites At Orchard.
With just a few handful of GLS sites launched in District 9 over the past ten years, the newly released GLS site for bidding will be interestingly monitored with keen interest by many developers and this tender will potentially draw about 10 to 16 bids with the top bid estimated to be ranging from $450 million to $480 million which translates to about $937 to $1000 psf per plot ratio. The tender closing for this GLS land parcel will be at 12 noon on 28 June 2016.