The tender for the residential site at Stirling Road in Queenstown could yield about 1,1110 units had been awarded to Hong Kong Listed Logan Property and Nanshan Group from China jointly submitted the highest bid of just over $1 billion for the large site. It works out to about $1,050 per square feet per plot ratio. The first time in history that a purely residential site in the Government Land Sales (GLS) programme has crossed the billon mark. This is above analysts expectation of bids between $830 and $1000 per square feet.
The main attributes of the Stirling Road sites is its central location and proximity to the Queenstown MRT station. The site is also close to Buona Vista area, which consists of high growth industries such as pharmaceuticals and R&D.
The upcoming new launch condo Stirling Residences sits on 227,221 square feet of land, has a gross plot ratio of 4.2, translating into a maximum permissible gross floor area of 954,327 square feet. It is likely to be launched in coming mid year of 2018 at prices above $1,780 per square feet.
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