{"id":86625,"date":"2018-04-27T13:27:52","date_gmt":"2018-04-27T06:27:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cuscaden-road-site-sets-new-gls-record-of-2377-psf-ppr\/"},"modified":"2018-04-27T17:06:35","modified_gmt":"2018-04-27T10:06:35","slug":"cuscaden-road-site-sets-new-gls-record-of-2377-psf-ppr","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cuscaden-road-site-sets-new-gls-record-of-2377-psf-ppr\/","title":{"rendered":"Cuscaden Road site sets new GLS record of $2,377 psf ppr"},"content":{"rendered":"


\nLocation map of the Cuscaden Road site. (Photo: URA)
\nThe tender exercises for three residential sites closed on Wednesday (26 Apr) with relatively bullish bidding from developers, with the top bid for the Cuscaden Road site setting a new benchmark for a 99-year leasehold site.
\nAt nearly $410 million, the top bid of $2,377 psf per plot ratio (psf ppr) by Amberden, FEC Properties and Orchard Square \u201csmashes all records for a residential government land sale, as well as earlier market expectations of $1,800 to $2,300 psf ppr\u201d, said Tricia Song, Colliers International\u2019s research head for Singapore.
\nMore: URA Launches Prime Site At Cuscaden Road For Sale
\nIt also exceeded the previous GLS record of $1,733 psf ppr for Jiak Kim Street by 37 percent. With this land price, Song estimates a breakeven price of $3,100 psf and a selling price of between $3,500 and $3,700 psf.
\n\u201cWhile bullish, it is probably achievable as nearby freehold luxury new launches such New Futura and Le Nouvel Ardmore have achieved average prices of $3,200 to $4,000 psf, while the 99-year leasehold Wallich Residence in Tanjong Pagar has sold some units at $3,700 psf.\u201d
\nThe 67,061 sq ft site at Mattar Road, on the other hand, received the most number of bids (10), with the $223.019 million top bid, or $1,109 psf ppr submitted by FSKH Development being higher than expected.
\n\u201cThe narrow margin of 5.5 percent among the top five bidders shows how keen the competition was among them,\u201d noted Ong Teck Hui, JLL\u2019s national director for research and consultancy.
\nIn fact, keen bidding for both the Cuscaden Road and Mattar Road land parcels indicates that \u201cdemand for attractive residential sites is still buoyant\u201d.
\n\u201cWith such keen demand for sites, the en bloc market is likely to stay firm as it continues to be the main source of residential land supply over GLS,\u201d added Ong.
\nMeanwhile, the Silat Avenue site attracted a sole bid of $1.035 billion, or $1,138 psf ppr from UOL Venture Investments, UIC Homes and Kheng Leong Company.
\nWhile it is an appealing site within two kilometres from the CBD, \u201cwe think the underwhelming tender outcome could be due to the large size of the site (which could accommodate 1,125 homes) and relatively untested location, away from MRT stations\u201d, explained Song.
\nThe presence of five conservation buildings on the site, which are to be retained and restored, may have also posed constraints to developers, said Ong.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Cuscaden Road site sets new GLS record of ,377 psf ppr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Location map of the Cuscaden Road site. (Photo: URA) The tender exercises for three residential...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-86625","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-mxb","jetpack-related-posts":[{"id":88636,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-awards-tenders-for-three-gls-sites\/","url_meta":{"origin":86625,"position":0},"title":"URA awards tenders for three GLS sites","date":"May 18, 2018","format":false,"excerpt":"\r Map showing the location of the Cuscaden Road site. Source: URA The tenders for three sites at Cuscaden Road, Mattar Road and Silat Avenue have been awarded to the highest bidders, or in the case of Silat Avenue, its sole bidder, the Urban Redevelopment Authority said on Thursday (17\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-tales-at-recent-condo-launches\/","url_meta":{"origin":86625,"position":1},"title":"Two tales at recent condo launches","date":"September 25, 2019","format":false,"excerpt":"\r Despite the slim profit margin, the developers of Cuscaden Reserve and The Antares probably deemed it better to launch the projects now considering the significant supply.\u00a0However, both GuocoLand and Low Keng Huat had enough room to price their projects more attractively and sell more units at launch.\u00a0 Four new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70532,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chong-kuo-and-cuscaden-road-sites-released-for-sale\/","url_meta":{"origin":86625,"position":2},"title":"Chong Kuo and Cuscaden Road sites released for sale","date":"October 31, 2017","format":false,"excerpt":"\r Aerial view of the residential site at Chong Kuo Road off Sembawang Road. (Photo: URA) Two residential sites at Chong Kuo Road and Cuscaden Road have been released for sale under the second half 2017 Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said on Tuesday (31\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74514,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-unveils-land-sales-programme-for-h1-2018\/","url_meta":{"origin":86625,"position":3},"title":"Govt unveils land sales programme for H1 2018","date":"December 14, 2017","format":false,"excerpt":"\r Six confirmed list and nine reserve list sites will be launched under the H1 2018 Government Land Sales (GLS) programme, announced the Urban Redevelopment Authority (URA) on Wednesday (13 December). These land parcels could potentially yield approximately 8,045 private homes and 63,960 sq m in gross floor area (GFA)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74508,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-unveils-gls-programme-for-1h-2018\/","url_meta":{"origin":86625,"position":4},"title":"Gov\u2019t unveils GLS Programme for 1H 2018","date":"December 14, 2017","format":false,"excerpt":"\r Six confirmed list sites and nine reserve list plots will be launched under the 1H 2018 Government Land Sales (GLS) Programme, announced the Urban Redevelopment Authority on Wednesday (13 December 2017). These land parcels can potentially yield a total of around 8,045 private dwellings and 63,960 sq m in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":86625,"position":5},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL) Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion. Including the lease top-up premium of about\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/86625"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=86625"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/86625\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=86625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=86625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=86625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}