Stirling Residences - A plum private housing land parcel near Queenstown MRT Station has attracted a top bid of more than S$1 billion, the first time that a purely residential site on the Government Land Sales (GLS) programme has exceeded that price quantum. The large 99-year leasehold site at Stirling Road, first made available on the Reserve List of the GLS programme in March 2010, was launched for sale by public tender in April 2017. The tender attracted 13 bids in all. The site, which sits on 227,221 sq ft of land, has a gross plot ratio of 4.2, translating into a maximum permissible gross floor area of 954,327 sq ft. This can be developed into approximately 1,110 homes.
The site is eventually awarded to China’s Nanshan Group and Hong Kong’s Logan Property with the top bid of S$1.003 billion, which translates into S$1,050.71 per sq ft (psf) of gross floor area. It will have an estimated break-even price of between S$1500psf and S$1700psf.
Stirling Residences is strategically located in District 03 Singapore where it is walking distance to Queenstown MRT Station. It has full condo facilities and is expected to have more than 1000 units ranging from 1-5 bedroom units. Expected to launch in 2nd half of the year, stay tuned for more updates!
More information at https://investintproperty.com/properties/stirling-residences/
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