URA launches Clementi Avenue 1 residential site for sale via public tender

The 16,542.7 sqm site can potentially yield 640 residential units.

A residential site at Clementi Avenue 1 has been launched for sale via public tender under the Confirmed List of the first half 2019 (H1 2019) Government Land Sales (GLS) Programme, an announcement by the Urban Redevelopment Authority (URA) revealed.

The site has an area of 16,542.7 sqm and a permissible gross floor area (GFA) of 57,900 sqm. According to URA, the site can potentially yield 640 residential units, with a maximum building height not exceeding 140 m above mean sea level (ASML).

The height cap conforms to the minimum average size building guideline of 85 sqm, Colliers International’s head of research for Singapore Tricia Song highlighted, adding that there is also a requirement to provide a Childcare Centre (CCC), for a minimum of 10 years from the date of issuance of CCC licence. The GFA of the CCC shall be a minimum of 700 sqm and is to be computed as part of the permissible GFA for the proposed development, she noted.

“We expect the site to potentially attract four to six 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 $418m, as this site is relatively larger,” Song said in a statement. “We estimate the top bid could potentially come in at $520m or $830 psf ppr. This could put potential average selling price at $1,400 psf.”

This sentiment was echoed by Huttons Asia’s head of research Lee Sze Teck who noted that there could be between five and eight bidders, with the top bid standing between $800 and $850 psf ppr.

The tender for the site will close on 3 July at 12 noon. According to URA, the tender closing for the site at Clementi Avenue 1 will be batched with a HDB executive condominium site at Canberra Link which will be launched for sale in May 2019.