SC Global Developments, New World Development and Far East Consortium International had top bid Cuscaden Road site for $410 million near Orchard Road. The rare residential site had been recently released for tender by Urban Redeveloped Authority (URA) after many years.
The residential site is a rare opportunity to grab and the three developers (SC Global Developments, New World Development and Far East Consortium International) had successfully jointly acquired with a top bid that also hit the records for all residential government land sale (GLS) site. This work out to be $2,377 per square foot per plot ratio (psf ppr) and won against the eight other bidders.
Residential project be known as Cuscaden Reserve is to be launch in Quarter 4, 2019.
The 99-year leasehold site is zoned to build for residential use under URA’s 2014 Master Plan. A total of 5,722.5 square metre and has a gross floor area of 16,023 sq m.
Property consultants expect a the plot of residential land will out to have a break-even price of $3,100 to $3,300 psf, with estimated future launching price from $3,300 to $3,700 psf.
ZACD executive director Nicholas Mak made a remark as the rare released of the residential site at Cuscaden Road, all nine bidders had went above $2,000 psf ppr, this will make it attractive for all nine bidder to went ahead for land sale, especially in the season of en-bloc fever.
Beside the released of Cuscaden site, the Mattar Road land site to be known as The Antares was fiercely contested with a total of 10 bids with the highest offer of $223 million or $1,109 psf ppr coming from FSKH Development, a a consortium of TA Corporation, Keong Hong Holdings and Hock Lian Seng Holdings.
The limited residential site available close to MRT station had been a gem for both developers and future home buyers. Especially when the site is closed to Paya Lebar where the decentralisation plan taking place that introduced more commercial to move into the location.
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