New Condo At Martin Place URA launches the tender for the residential site at Martin Place, Published Date: 28 Apr 2016. The Urban Redevelopment Authority (URA) has launched a residential site at Martin Place for sale by public tender today under the Confirmed List of 1st Half 2016 Government Land Sales (GLS) Programme. This site can potentially yield about 450 residential units.
Details of Land Parcel at Martin Place: Location Martin Place, Site Area 15,936.1 m2, Allowable Development Residential
Maximum Gross Floor Area 44,622 m2, Maximum Building Height 153 m AMSL(1), Estimated Number of housing(2) 450, Lease Period 99 years, (1) Above Mean Sea Level, (2) The actual number of housing units provide by the developer may build.
In the first half 2016 GLS Confirmed List, the land parcel at Martin Place offers a new attractive site to the developers. The 1.59 ha land parcel, which can yield about 450 apartments, is located in the prime District D09, and is very close to River Valley Primary School. There are not many GLS sites launched in District 9 over the past 10 years or so. This tender could draw about 11 to 15 bids with the top bid ranging from $440 million to $490 million ($950 to $1,100 psf ppr),
Condo near Martin Place: Starlight Suites
The developers of Starlight Suites a Condo near Martin Place, yesterday sold the remaining units in a bulk sale, just in time to beat the Qualifying Certificate (QC) sales deadline at the end of this month. They sold the 23 units at the River Valley project which is near a New Condo site at Martin Place (Tender for sale), for about $48 million to an entity associated with Evia Capital, The Straits Times understands.
The sale price works out to about $1,670 per sq ft (psf), compared with average prices of about $2,000 psf when the project was launched in 2010. The deal was done via a sale of shares in the development company, Meadows Property (Singapore). The site for sale at Martin Place is most likely to be developed in a New Condominium.