A developer had committed to bid at least $685.25 million for a 2.1ha Stirling Road site. The site is able to yield about 1,110 units.
This 99 year leasehold site is next to Tiong Ghee Temple and near The Anchorage condominium and Anchorpoint Shopping centre. The site has been on the Government Land Sales reserve list since March 2010. It is made up of two adjacent sites but merged into one site in 2012. Being in a prime city fringe site, is has very good attributes and is within walking distance of Queenstown MRT station.
Based on the maximum permissible gross floor area of 954,328 square feet, the 685.25 million bid committed by the developer may translates to a price of $718 per square feet per plot ratio. The nearby projects good sales and the easing of property curbs should lift the confidence of bidders. The pricing may likely take a cue from Queens Peak at average $1,640 per square feet and Commonwealth Towers at average of $1,654 per square feet.
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