Frasers Property, in partnership with Sekisui House and CSC Land, has emerged as the frontrunner in the competitive tender for the Dunearn Road Government Land Sale (GLS) site, submitting a top bid of $491.45 million. This bid translates to a price of $1,410 per square foot per plot ratio (psf ppr) and marks a significant moment in the real estate development landscape.
The tender closed on June 26, attracting a total of nine bids, indicating heightened developer interest in the GLS market, which has not been seen since May 2018. The Dunearn Road site covers an expansive area of 145,173 square feet and is intended for the development of a residential project comprising 380 units on a 99-year leasehold.
The size and potential of the site make it an attractive prospect for developers looking to capitalize on Singapore’s real estate demand. The joint venture’s successful bid underscores their strategic intent to enhance their portfolio in a competitive market.
Despite the competitive nature of the bidding, the market sentiment remains cautious due to ongoing global economic uncertainties. The narrow gap of only 3.7% between Frasers Property’s bid and the second-highest offer reflects this tension.
However, the venture’s willingness to place a robust bid may also signal a degree of confidence in the long-term demand for residential properties in the area. The proposed development is poised to cater to a demographic seeking quality living spaces, which could bolster the project’s attractiveness.
In terms of pricing projections, the anticipated launch price for the residential units to be developed on the Dunearn Road site is estimated to fall between $2,900 and $3,100 psf. This expected pricing range suggests that the developers are not only optimistic about the project’s viability but also about the market’s capacity to absorb these units.
Such pricing indicates an acknowledgment of the area’s desirability and the potential for future value appreciation. The competitive bid by the joint venture reflects a strategic approach in navigating the current market dynamics and demonstrates their commitment to pursuing quality residential developments.
The Dunearn Road site, with its strategic location and promising development potential, is likely to attract significant interest from prospective buyers once launched.
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News Source: Edgeprop
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