In a significant move for the real estate market, Frasers Property and Sekisui House, in collaboration with CSC Land, have submitted the top bid of $491.45 million for the Dunearn Road Government Land Sale site. This translates to an impressive $1,410 per square foot per plot ratio (psf ppr) for a site that covers 145,173 square feet. The ambitious bid reflects a strategic approach from the joint venture, indicating their confidence in the future of this prime location.
The Dunearn Road site is earmarked for the development of 380 residential units under a 99-year leasehold. Given the current economic landscape, where global uncertainties loom, this bid demonstrates a careful consideration from developers.
It’s noteworthy that the tender, which closed on June 26, 2024, attracted nine bids in total, marking the highest level of developer participation in a Government Land Sale (GLS) tender since May 2018. This strong interest suggests that developers are still keen on tapping into the potential of Singapore’s residential market, even amidst fluctuating economic conditions.
With the top bid only marginally ahead of the second-highest bid—by 3.7%—it’s clear that developers are weighing their options carefully. This cautious bidding behavior reflects the prevailing sentiment in the market, where every dollar counts. The competition for the Dunearn Road site underscores the importance of location and the potential it holds for future residential development.
As for the anticipated launch price of the new development, projections suggest it could fall between $2,900 and $3,100 psf. This range signals robust market confidence in the area, with expectations that buyers will be willing to invest at these price points.
The projected prices indicate a strong belief in the potential for appreciation and demand in the Dunearn locale, which has consistently been recognized for its accessibility and amenities.
The collaboration between Frasers Property, Sekisui House, and CSC Land also speaks volumes about the strength of partnerships in real estate development. By joining forces, these companies can pool their resources, expertise, and market insights, improving their chances of success in a competitive landscape.
Such alliances are becoming increasingly common, enabling developers to share risks while maximizing the potential of prime land parcels.
NEW CONDO LAUNCH: BLOOMSBURY RESIDENCES
Bloomsbury Residences is an exciting new condominium project located near Dunearn Road, with a projected launch price between $2,900 and $3,000 psf.
This development offers a range of unit types designed for families, supported by a well-planned community featuring amenities and parks within walking distance.
Residents will enjoy enhanced accessibility with nearby MRT stations, including Sixth Avenue and the upcoming Turf City MRT.
For detailed Bloomsbury Residences Project Information, including floor plans and e-brochures, visit the official website.
View Bloomsbury Residences Showflat & Get VVIP Discount.
Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
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