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Clementi Site Launched For Sale, Could Yield 640 Homes

A private residential site at Clementi Avenue 1 that could potentially yield a maximum of 640 housing units was launched for sale via public tender, revealed the Urban Redevelopment Authority (URA) on Thursday (28 Feb).

With a land area of about 178,064 sq ft, the 99-year leasehold site has a gross floor area (GFA) of about 623,230 sq ft. It is a confirmed list site under the Government Land Sales (GLS) Programme.

More: Govt Launches Three Sites Yielding 700 ECs, Over 1,300 Private Condos

The site is also accessible via Clementi Road and Ayer Rajah Expressway, allowing future residents to easily travel to Jurong Lake District and Singapore’s central business district (CBD).

Aside from being close to Clementi MRT station, The Clementi Mall and Clementi Sports Hall, the site is near Nan Hua High School, International Community School and the National University of Singapore (NUS), as well as NUS High School of Mathematics and Science.

“The site at Clementi is in a mature estate with plenty of amenities and good schools. There is potential demand from upgraders and investors,” said Huttons Asia’s research head Lee Sze Teck, who is expecting five to eight bidders, with the top offer ranging from $800 to $850 psf per plot ratio (psf ppr).

As for Colliers International’s Singapore research head, Tricia Song, she thinks that the site could attract four to six bidders. “We estimate the top bid could potentially come in at $520 million or $830 psf ppr. This could put the potential average selling price at $1,400 psf.”

Moreover, she said the 640-unit limit reflects URA’s minimum average unit size of 85 sq m (915 sq ft). The winning bidder is also required to provide a childcare centre for at least 10 years from the date of obtaining the Certificate of Completion and Compliance.

While Song believes the site would see fewer bids than the Kampong Java private residential site that closed in January as the Clementi plot is bigger, Huttons’ Lee is more upbeat.

This is because the adjacent development, The Clement Canopy, sold all of its units by January 2019 at an average selling price of $1,374 psf since launching in February 2017.

Source From: https://www.propertyguru.com.sg/property-management-news/2019/3/178512/clementi-site-launched-for-sale-could-yield-640-homes

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