A site at Northumberland Road has been launched by SINGAPORE (EDGEPROP) - URA for sale by public bid under the 2H2020 Confirmed List of the Government Land Sales (GLS) Programme.
(Credit: URA)
Find Out More About The Upcoming Northumberland Residences
The site is zoned for upcoming residential with commercial development at 1st storey, which is expected potentially yield about 405 residential units.The site has a land area of 8,732.9 sq m (94,000 sq ft), and has a gross floor area cap of 36,679 sqm.
Tricia Song, head of research for Singapore at Colliers International. commented that the nearest comparable would be Uptown@Farrer, which was currently under construction and had sold 40 units (of a total 116 units) at an average price of $1,845 psf since its launch in September 2019. It was also a GLS site, sold in January 2017 for $1,001 psf per plot ratio (psf ppr) drawing a robust 11 bids.
Discover Uptown @ Farrer Information, which has been sold about 40 units of a total 116 units in September 2019!
Song expects the parcel to attract five to seven bidders, with a highest bid range of $900 to 1,000 psf ppr, with launch prices at about $1,900-$2,000 psf.
The upcoming project is accessible to numerous amenities such as Mustafa Centre, City Square Mall, Tekka Place, Tekka Market, Little India Historic District and Pek Kio Market & Food Centre. There are also reputable and high quality schools nearby such as Farrer Park Primary School and St Joseph’s Institution Junior. The site is also next to Farrer Park MRT Station on the North East Line within a short distance.
In the situation of the pandemic, a longer tender period of six months will be provided by URA . The bid for the development will end on April 27 next year, at 12 noon.
Learn more about other residences development attracting investors as well as home seekers in here and choose the best unit for yourself.