Sustained Land Submits Top Bid 841 Psf Ppr Gls Site De Souza Avenue
On July 18, the government land sales (GLS) site at De Souza Avenue closed with two bids. The highest bidder, SL Capital (8) Pte Ltd, also known as Sustained Land Pte Ltd, offered $278.9 million, equivalent to $841 per square foot per plot ratio (psf ppr). The 207,156 square foot site, located in District 21 off Jalan Jurong Kechil, has a maximum gross floor area (GFA) of 331,453 square feet and has the potential to yield up to 355 residential units. As part of the tender requirements, the Urban Redevelopment Authority (URA) also requires the construction of an early childhood development centre spanning at least 5,382 square feet. The top bid represents a 22.3% increase over the second-highest bid of $687 psf ppr submitted by Eng Seng Lee Construction’s subsidiary, Capital Development.
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The site, situated in the Beauty World neighbourhood, will benefit from URA’s rejuvenation plans for the area in its 2019 Master Plan. A number of new amenities are set to be constructed in the area, including a new integrated transport hub that will connect Beauty World MRT Station and a bus interchange, as well as a three-storey retail mall. Mark Yip, CEO of Huttons Asia, notes that the site is in close proximity to two nature reserves, Bukit Batok Nature Park and Bukit Timah Nature Reserve.
Less than 200 meters from the De Souza Avenue GLS site, another GLS site along Jalan Jurong Kechil is being developed into the 258-unit Verdale by COLI Singapore and CSC Land Group, which was fully sold and completed last year. The joint venture partners won the site with a bid of $215 million, equivalent to $1,002 psf ppr. More recently, in November 2022, Bukit Sembawang Estates was awarded another GLS site along Bukit Timah Link for $200 million ($1,343 psf ppr). This 99-year leasehold site is within a 2-kilometer radius of the De Souza Avenue GLS site and will be developed into a 155-unit project consisting of one-to-four bedroom flats. Be sure to check out the latest listings for properties at Verdale.