SINGAPORE - A residential site for private homes at Stirling Road in Queenstown has been triggered and will be put up for sale by the Urban Redevelopment Authority (URA) in about two weeks.
The 2.11 ha site had been on the Government Land Sales reserve list since March 2010. It was triggered by an application from a developer, who committed to bid at a minimum price of S$685.25 million.
This translates to a price of S$718 per square foot per plot ratio.
The 99-year leasehold site is next to Tiong Ghee temple, and is near The Anchorage condominium and Anchorpoint Shopping Centre.
The 227,220.77 sq ft plot is expected to yield about 1,110 units and has a maximum permissible gross floor area of 954,328 sq ft.
The site on sale was formerly two adjacent sites in the reserve list, until they were merged into one site on the 2012 reserve list.
Analysts said that the trigger showed developers' growing appetite for residential land.
Mr Desmond Sim, head of South-east Asia research at CBRE, said: "It shows the need to replenish land bank for most of the key developers. As there is some restraint coming from the confirmed list, it's not surprising to see reserve list being triggered."
He noted that the site "has very good attributes", as it is on a "higher ground level" and within walking distance of Queenstown MRT station.
"We will definitely see joint ventures as S$685.25 million and the land plot is a big undertaking," he said.
"It will likely be in the region of eight and 10 bids. The price is quite competitive," he added.