URA launches two residential sites for sale

The sites at Chong Kuo Road and Cuscaden Road could yield up to 250 units.

The Urban Redevelopment Authority (URA) launched two residential sites for sale under the second half of its Government Land Sales (GLS) programme.

According to an announcement, the site at Chong Kuo Road is launched for sale under the Confirmed List whilst the site at Cuscaden Road is available for application under the Reserve List.

Together, these two sites can potentially yield about 250 residential units, URA said.

Edmund Tie & Company (ET&Co) said the price of the Cuscaden land parcel is expected to hit about $284.6m or $1,650 psf ppr.

The firm added that the site is very attractive given it is near the prime Orchard shopping belt and the future Orchard Boulevard MRT station.

ET&Co head of research Lee Nai Jia said, "The future development on the site will attract affluent buyers who like accessibility to the shopping belt and CBD, and are intending to get a weekend home."

Lee added, "Buyers who are looking to invest will also be interested, as they can rent to expatriates, medical professionals and affluent families that have members seeking medical services at Gleneagles Hospital and Camden Medical Centre. Notwithstanding the site is fairly small, and has a building height constraint of 100m."

Meanwhile, ET&Co expects the winning bid for the Chong Kuo site to hit $37.8m or $585 psf ppr.

Lee said, "The positioning of the Chong Kuo site will be to buyers that are attracted to the rustic lifestyle in the area. Residents would enjoy the eateries and greenery in the area, and being away from the hustle and bustle of the city. Notwithstanding, the land parcel is subject to a 5-storey height constraint."