URA launches tender for GLS sites at Canberra Crescent, De Souza Avenue

URA launches tender for GLS sites at Canberra Crescent, De Souza Avenue

The Urban Redevelopment Authority (URA) has initiated the tender process for two residential sites located at Canberra Crescent and De Souza Avenue.

These land parcels are part of the confirmed list sites under the government land sales programme (GLS) for the first half of 2024, as announced by the URA on April 16.

The Canberra Crescent site boasts a site area of 20,437.3 sq m and a maximum gross floor area (GFA) of 32,700 sq m, with an estimated potential yield of around 375 units. On the other hand, the De Souza Avenue plot spans 19,245.4 sq m in site area, with a maximum GFA of 30,793 sq m, potentially accommodating around 355 units.

Combined, these sites have the potential to offer approximately 730 residential units.

Lee Sze Teck, Senior Director of Data Analytics at Huttons, anticipates that the De Souza Avenue site may attract one to three bidders, with the top bid likely falling between $1,200 and $1,300 per square foot per plot ratio (psf ppr), amounting to a bid range of $397.74 million to $430.88 million.

For the Canberra Crescent site, Mr. Lee predicts a similar scenario, with up to three bidders and a top bid ranging from $900 to $1,000 psf ppr. This corresponds to a bid price between $316.78 million and $351.98 million.

Interested parties have until 12 pm on July 18 to submit their tenders for both sites.

This tender release marks another significant step in Singapore’s ongoing urban development efforts.

The Straits Times

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