A Singapore residential site launched for sale by Urban Redevelopment Authority could sell for as much as SGD520 million, according to Colliers International.

Spanning 26,542 square metres, the 99-year leasehold site at Clementi Avenue 1 can potentially yield up 640 residential units.

It was launched for sale by public tender on February 28 with the requirement to provide a childcare centre for a minimum of 10 years from the date when the licence is issued.

At a glance:

• Residential site at Clementi Avenue 1 launched for sale by tender through Urban Redevelopment Authority.
• The address spans  26,542 square metres and can potentially yield 640 residential units.
• Colliers International believes the site could be sold for as much as SGD520 million.

Colliers International Singapore Head of Research Tricia Song they expected the site to sell for slightly higher than other residential properties in the area.

"We estimate the top bid could potentially come in at SGD520 million or SGD830 per square foot per plot ratio, equating to a potential average selling price at SGD1,400 per square foot," she said.

"The project next door – The Clement Canopy - which was fully sold by January 2019 achieved an average selling price of SGD1,374 per square feet, after being tended for SGD302 million. 

"At nearby West Coast Vale, Whistler Grand has sold 260 units of total 716 units at an average price of SGD1,345 per square foot, since its launch in November 2018

"We expect the site to potentially attract 4-6 bids, fewer than the seven bids we saw at the Kampong Java private residential site that closed in January 2019 (with a winning bid of SGD418 million), as this site is relatively larger."

The tender for this site will close at 12 noon on 3 July 2019.

Sources: Urban Redevelopment Authority, Colliers International

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