Property Developer Triggered Stirling Road GLS Under 1H2017 Government Land Sales
Location : Stirling Road
Site Area : 21,109.5 m2
Land Use Zoning : Residential
Maximum Permissible Gross Floor Area : 88,660 m2
Maximum Building Height : Part 4-storey and part 163m AMSL
Estimated Number of Housing Units :1,110
Lease Period 99 years
The Urban Redevelopment Authority (URA) announced today that a developer has triggered the residential site at Stirling Road GLS for sale by public tender that will commit a minimum price of $685,250,000 for the land parcel.
The land parcel was first made available for sale on the Reserve List of March 2010 Government Land Sales in March 2010. It was previously two smaller land parcels but has since been amalgamated to become a single large site. URA has put up the land parcel for public tender as the minimum price is acceptable to the Government.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released for confidential purposes. URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about four weeks.
Details of the Stirling Road GLS of 1H2017 Government Land Sales
With a site area of about 2.11 ha, the residential site will have a maximum gross floor area (GFA) of 88,660 sqm. The land parcel at Stirling Road could yield an estimated 1,110 residential units, making it one of the largest development in recent times.
The Stirling Road land parcel is designated as a residential site and the building height could go up to 163 metres above mean sea level. The Stirling Road site enjoys close proximity to Queenstown MRT station, Marina Bay, Central Business District and Biopolis, Bouna Vista.
The Stirling Road site is located within District 03 which encompasses Alexandra, Commonwealth, Tiong Bahru and Queenstown that is considered the Fringe Area of the Central Region. The strategic location of the prime site could attract developers who are keen to boost their land bank in the Central Region.
A comparable sized condominium is the 722-unit Queens Condo that was completed in 2002. It comprises of 2- to 4-bedrooms and penthouses of larger strata area which were popular then. The Margaret Drive GLS which was sold in December 2016 has been drawing buyers attention in Queenstown and Queens Condo are becoming a good choice for those seeking value for money.
As Jurong East develops into the much touted second Central Business District in Singapore, the demand for housing along the southwest region of Singapore has been on the rise in recent years. The attractive attributes of the site could draw much interest from real estate developers who could be seeking partnership or joint ventures to big for this huge land parcel.
Amenities Near Stirling Road GLS
Star Vista is part of a 15-storey mixed development built in Vista Exchange, One-North precinct, managed by Capitaland Singapore. The Stirling Road land parcel is one station away to Star Vista which is located next to Bouna Vista MRT Station. The integrated hub will comprise a Civic and Cultural Zone anchored by a 5,000-seat auditorium serving the needs of more than 400,000 residents, students and working population in the immediate vicinity.
IKEA is a Swedish-founded multinational company that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories through its Singapore franchise in Ikea Alexandra. It has shifted its store from Sixth Avenue to Katong before settling in Alexandra Road Queenstown in 1995. The second store was opened in November 2006 at Tampines.
IKEA provides food and beverage through its trademark IKEA restaurants on a daily basis. There is a free shuttle bus from Queenstown to IKEA Alexandra branch which is opened to public.
Alexandra Retail Centre
The Alexandra Retail Centre is a three-storey retail centre managed by Mapletree Commercial Trust (MCT) properties, which a real real estate investment trust focused in Singapore. MCT achieves its a principal investment objective of long-term direct or indirect investments in a diversified portfolio of income-producing real estate. These real estate are primarily designated for office and retail purposes.
Alexandra Retail Centre features comprehensive array of retail and embraces an open space concept complimented with generous walkways. This offer visitors a unique yet conducive shopping experience in Alexandra Retail Centre, which has a net lettable area of approximately 89,000 sq ft.
Alexandra Retail Centre offers a varied mix of food and beverage, supermarket, lifestyle, services and retail tenants that will certainly meet and exceed the demands of residents in the future Stirling Road GLS.
Holland Village, a short distance drive from Queenstown, has a 24-hour Cold Storage supermarket which offers extensive selection of quality produce, air-flown seafood, poultry and dairy products. The street shopping lifestyle and outdoor dining experience that offers residents at Stirling Road a unique experience during the weekend. During the night, Holland Village comes to life when live music starts playing
Strong Interest Amongst Property Developers In Tender For Stirling Road GLS
There is high demand for housing from working professional in the nearby Business Parks and commercial offices such as Mapletree Business City, Biopolis and Metropolis. The demand for rental will provide good safety net and support to investors who wish to produce stable yield for long term. The mature estate has good access to transportation and shopping malls to meet the basic requirement of the residents.
Based on the factors above, the Stirling Road GLS is one of the most attractive sites in the 1H2017 Government Land Sales that has huge potential for property developers looking to replenish their land bank.