Two adjacent residential sites in Canberra Drive were put up for sale yesterday. The plots, both with 99-year leases, could yield up to 675 units, the Urban Redevelopment Authority said yesterday.
Parcel A spans 13,315.3 square metres (sq m) with a maximum gross floor area (GFA) of 18,642 sq m. It can accommodate about 220 units, with a maximum building height of 35m to 40m or five storeys, whichever is lower.
Parcel B is on a 27,566.1 sq m site with a GFA of 38,593 sq m. It can yield about 455 units. A building there can go up to 35m to 50m or five storeys, whichever is lower.
The sites are connected to Sembawang Road and Seletar Expressway and are within walking distance from the recently opened Canberra MRT station on the North South Line. Nearby amenities include Sembawang Shopping Centre and Sun Plaza, while Sembawang Primary School is also in the vicinity.
The two sites were put on the Government Land Sales reserve list for the first half of this year as a single 4.09hectare plot. That has now been split into two for sale on the confirmed list.
Splitting the large plot into two will make them more attractive to a wider range of developers, noted Ms Tricia Song, Colliers International head of research for Singapore.
"However, it would be interesting to see how the two tenders pan out, seeing that both sites are launched for sale at the same time," she said.
"Typically, developers would prefer to have more control and less competition - would this then see them bid for both Parcel A and B so that they can better defend prices when the units are put on the market in the future?"
Units in nearby comparable private projects such as Eight Courtyards (launched in 2014) and Canberra Residences (released in 2013) have sold for $900 to $1,000 per square foot (psf) this year, said Ms Song. The most recent land tender was an executive condo (EC) site in Canberra Link, awarded last month for $233.89 million or $566.1 psf per plot ratio (ppr) to MCC Land over seven other bidders.
"With the Canberra MRT station operational since Nov 2, we expect Parcel A and B to fetch top bids of $135 million and $280 million respectively, which works out to a land rate of $670 psf ppr. Developers could look to sell at an average price of $1,250 psf," Ms Song added.
Both tenders will close at noon on March 3. The tender closing will be batched with an EC site at Fernvale Lane, which will be launched for sale next month.