A residential site with the size of 12,789sqm at Irwell Bank Road along River Valley Road is open for tender till 9th January 2020. Analyst noted that the highly sought after location makes the site attractive and expect good number of developers fighting for it. Potential buyers will be eyeing at this location due to close proximity to good school such as River Valley Primary School, ISS International School, as well as Orchard Road shopping district. The site could be developed into 445 residential units at the gross floor area of 35,809sqm.
According to current market transaction in the surrounding, the 99 years leasehold site under confirmed list of Government Land Sales (GLS) is expected to be transacted between $650 million to $680 million, which translate to around $1700psf to $1770psf. Notably, due to fairly sizeable quantum and outlay the winning party has to come out with, developer would tend to be more cautious.
The future development on this site will inject life into the already vibrant River Valley and Robertson Quay area, and provide more options to the potential residents.
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