Near Little India and off Toh Tuck Road, the Urban Renewal Authority (URA) has released 2 residential sites that may culminate to a total of 525 private homes. Both sites are released under the Government Land Sales GLS) scheme and have 99-year leasehold tenures.
The first site off Perumal road near Farrer Park MRT station may be of particular interest to developers due to their city fringe location, proximity to a MRT station and its yet unfounded potential. The area is also close to the new medical hub off Farrer park and Novena. The tender for this site closes at noon on Jan 10 and is expected to fetch $280 to $295 million at $800 to $850 psf. The bids may come in strong as there has been a lack of new launches in the area for sometime now, which could mean buyers will be looking for something new to put their money in when the time is right.
The only con for this site might be the proximity to the Sri Srinivasa Perumal Temple which could mean a higher noise level especially during festivals. But its location and depending on what other facilities or incentives the new property offers, may overcome all that.
Though the Toh Tuck Road is on the reserve list, should a developer be able to meet the minimum bid set by the authorities, it should still be able to fetch up to $225 million. This site is near the Bukit Batok Nature Reserve and Nature Park plus schools such as Pei Hwa Primary and Ngee Ann Polytechnic which could be rental fodder for expatriates or foreign students.
