Frasers Property, in collaboration with Sekisui House and CSC Land, has emerged as the frontrunner in the competitive bidding for the Dunearn Road Government Land Sale (GLS) site, securing the highest bid of $491.45 million. This bid translates to approximately $1,410 per square foot per plot ratio (psf ppr), highlighting the joint venture’s strong commitment to the project. The site spans an area of 145,173 square feet and is planned for a 99-year leasehold tenure, with potential development aimed at a residential project comprising 380 units.
The tender for the Dunearn Road GLS site closed on June 26 and attracted significant interest, evidenced by the total of nine bids submitted. This marked the highest level of developer participation in GLS tenders since May 2018, indicating a renewed enthusiasm among developers despite existing macroeconomic challenges. The competitive landscape is underscored by the fact that Frasers Property and its partners’ bid was only 3.7% higher than the second-highest bid, reflecting a robust interest in the site.
This bidding outcome suggests that developers are keenly aware of the potential returns from residential projects in the region, particularly given the recent performance of similar properties. The projected launch price for units in the Dunearn Road project is estimated to be between $2,900 and $3,000 psf, which aligns with the prevailing market trends. Such pricing reflects the area’s desirability and the anticipated demand for new residential offerings.
The competitive nature of the bidding process also highlights the strategic positioning of Frasers Property, Sekisui House, and CSC Land as key players in the real estate market. Their successful bid is not only a testament to their confidence in the project but also a calculated move to capitalize on the ongoing recovery in the property sector.
The joint venture’s experience and resources enable them to navigate the complexities of the development process effectively, setting the stage for a successful project. Furthermore, the Dunearn Road site benefits from its location, which is expected to attract potential buyers looking for quality living spaces in a well-connected area.
The joint venture’s plans for the site will likely take into account the surrounding amenities, transport links, and overall lifestyle offerings that appeal to prospective homeowners. By focusing on these elements, Frasers Property, Sekisui House, and CSC Land can create a residential project that resonates with the market and meets the needs of future residents.
As the project moves forward, stakeholders will be keenly watching how the joint venture navigates the development process and responds to market dynamics. The outcome of this project could have implications for future developments in the area, influencing both market sentiment and investment trends in Singapore’s real estate landscape.
NEW CONDO LAUNCH: BOULEVARD COAST
Boulevard Coast is an exciting new condo launch strategically located near the Sixth Avenue MRT and the upcoming Turf City MRT station, enhancing connectivity for residents.
With a price range of $2,900 to $3,100 psf, the Boulevard Coast project aims to attract buyers seeking premium residential options.
Its vibrant community, parks, and nearby educational institutions make it ideal for families.
Explore the Boulevard Coast Floor Plan and Boulevard Coast Site Plan for detailed insights on this development.
View Boulevard Coast Condo ShowFlat & Get VVIP Discount. Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.
