A 18,721 sqm (201,511 sqft) residential site at Toh Tuck Road in Singapore has been bought by a subsidiary of Malaysian developer SP Setia as announced on 18th April by the Urban Redevelopment Authority (URA). SP Setia submitted the highest bid of about S$265 million. That price translates to about S$939 psf based on the land’s maximum possible gross floor area (GFA) of 26,210 sqm (282,122 sqft).
The 99-year leasehold site will most likely be developed into a 5-storey condominium with a gross development value (GDV) of S$457 million and expected to launch sometime around 2018. The development project should feature 483 units with 327 being luxury apartments.
SP Setia’s newest project will be its third development in Singapore with the other two being 18 Woodsville, a freehold condominium next to Potong Pasir MRT and Eco Sanctuary, a 483 unit condominium along Chestnut Avenue.
The public tender for Toh Tuck Road launched on 28th February and closed on 11th April 2017.