Last November 26, 2015, a tender was triggered for a Government Land Sale (GLS) site at Siglap Road next to Victoria School and opposite to Mandarin Gardens. This Siglap Road land parcel was part of the GLS in 2nd half of 2015.
The 99-year leasehold private residential land parcel of 207,848 square feet in size can produce an estimated 800 residential units. It has a 3.5 gross plot ratio and a maximum permissible gross floor area of 727,467 square feet.
Analysts expect that the competition will be good considering the attractive location of the site. The site is just a short stroll to the upcoming Siglap MRT station at the Thomson-East Coast Line. It is not just next to Victoria School but Victoria Junior College, CHIJ Katong Convent, Global Indian International School, Ngee Ann Primary School, Tao Nan Primary School, Rosemount International School / Kindergarten, and Sekolah Indonesia Singapura are also within the vicinity.
The regional head of Southeast Asia research, Dr. Lee Nai Jia, has estimated that at least 6 to 8 bids will be received and the top bid may range from $574 million to $654 million, or S$790 to S$850 psf ppr.
On the other hand, Mr. Nicholas Mak, an executive director at SLP International Property Consultants has calculated that this land parcel could attract about 7 to 15 bids given the site’s attractive attributes and that it fronting the East Coast Sea.
He said that the top bid could be in the range of $600 million to $635 million, or S$825 to S$873 psf ppr. He also added that as the site area is large, the bids would likely come from big property developers.
The tender was closed last 14th of January, 2016. The said site has won by the Frasers Centrepoint Homes and the site will be called the Seaside Residences. It is now expected to launch this April 2017.