Properties, properties, in the midst of the worldwide recession, how I wish, how I wish, I have the means to buy new possession…
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THE first sale site at the proposed Kallang Riverside waterfront lifestyle precinct was made available yesterday — after a scheduled six-month delay.
The 0.74-ha land parcel along the Kallang River with a permissible gross floor area of nearly 20,917 sq m — is envisaged to be a waterfront hotel development catering to business travellers and tourists. It can house hotel rooms and shops like retail and food outlets.
The parcel was scheduled to be available on the Reserve List last December, but as more time was needed to finalise the planning and development conditions of the Kallang River, the URA deferred the release.
The site will show how well the sector is doing, said Cushman and Wakefield managing director Donald Han. "(This) is going to be a litmus test particularly for developers to ascertain whether this is the right timing in view that generally the market has seen some positive news ..." he said.
Based on the plot ratio, the site is expected to be of a "manageable size" that can house 300 to 380 rooms. Price would also range between $150 to "maybe at most" $190 per square foot per plot ratio, he said.
"Mainly on the basis that this is going to be a first mover for a developer to develop a fairly new area ... I think a discount factor for the market would probably be expected."
Under the system, a site would be released for sale only if it receives a bid with a minimum price that is acceptable to the government. 938LIVE
From TODAYonline.com; see the source article here.
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