Zion Road residential site triggered for sale at a minimum bid price of $604.57 mil
The 99-year leasehold place inhabits 0.9 ha and is projected to produce approximately 610 exclusive non commercial units. With a highest permissible gross floor area (GFA) of approximately 559,744 sq ft, the application cost figures out to a land rate of about $1,080 psf per plot ratio (ppr) based on GFA. The area is close to Great World and Havelock MRT stops, Great World City, Zion Waterfront Food Centre and River Valley Primary School.
The Zion Road (Parcel B) plot is a reserve site on the 1H2024 Government Land Sales (GLS) programme. Locations under the Reserve List are not released for tender immediately yet are initially offered for application. It will be established for tender only when a builder sends an application with an appropriate minimum price.
Marina View Residences Singapore
A confidential property developer has generated the launch of a housing location, labelled Zion Road (Parcel B), which are going to be launched offer for sale via public tender next month, according to an April 22 announcement from URA.
In this instance, the location was set off when the unmarked developer had sent a bid not lower than a minimal price of $604.57 million.
In a similar way, Lee expects as much as 3 property developers joining the tender for Zion Roadway (Parcel B), with the leading offer for the area valued in between $1,100 and $1,200 psf ppr.
Nonetheless, Wong did not assume that the Zion Road (Parcel B) place would certainly be prompted so quickly, because the recent tender award of the Zion Road (Parcel A) area and a nearby residential plot in River Valley Green (Parcel A) that is still open. “This might mirror property developers’ confidence in the home buying demand in that area, provided the site’s appealing place near 2 MRT stations and amenities such as the Great World City shopping mall,” Wong notes.
She adds that the property developer that set off the Reserve List site could also be seizing the possibility to request the plot at a more assessed rate, in the middle of the careful market sentiment.
“Developers may additionally see the capability of the areas at Zion Road, and that there is good enough interest for homes in the area, in spite of probable competitors from the River Valley Green (Parcel A) location,” Lee claims.
Given that the current land tender end results at Zion Road (Parcel A) and Orchard Boulevard have been “lacklustre” and awarded at “relatively conservative prices”, Wong opines that upcoming land proposals could regulate. She anticipates the Zion Road (Parcel B) spot to get two or 3 bids, and the leading price could can be found in at approximately $1,150 to $1,250 psf ppr.
Lee Sze Teck, senior director of information analytics at Huttons Asia, agrees that the triggering of the spot might mirror programmers’ confidence in the site and in the property market, specifically for a pure household location than one that includes a long-stay serviced house aspect. “Selling residence homes is much more uncomplicated and lugs lesser risks compared to embarking on a more recent venture,” he observes.
URA’s acceptance of this bid cost is unsurprising, claims Wong Siew Ying, head of analysis and content at PropNex Realty, considered that it is less than the winning bid for a nearby Zion Road plot (Parcel A) that was granted earlier this month to a joint venture in between Singapore-listed building group City Developments and Japanese property developer Mitsui Fudosan, The joint project provided a single quote of $1.107 billion. The 99-year leasehold site is the initial to pilot long-stay serviced flats with a minimal stay of 3 months, and can generate 1,170 housing units, including 435 extended serviced residences.
