This new Martin Place residential site that GuocoLand secured at a public tender has key attributes that are a strong factor for any developers that are planning for a residential project.
But the winning bid for this 1.6 hectare site which is S$595.1 million was said to be overpaid. This translates to S$1,239 million per square foot per plot ratio (psf ppr); the highest unit land price for a residential site alone that was sold at a public tender since 2009.
It is situated at the corner of River Valley Close and Martin Place in District 9 and can hold up to 450 residential units. This will only be a short walk to the upcoming Great World MRT Station at the Thomson East Coast Line that is one stop from the Orchard Station. From its strategic location, this will certainly appeal to families that are seeking for their children’s school as it is near to the popular River Valley Primary School.
A part of this land parcel will have a 20-storey height restriction while the rest of it will have a maximum height of 30 floors.
They based the estimates from the sale evidence at the two freehold developments nearby, the Martin Place Residences and the Rivergate, and also from the 99-year leasehold development along Orchard Road shopping belt, Cairnhill Nine, that was sold last March faster than they expected.
Urban Redevelopment Authority specified the maximum units for this site to 450 units only which will make the average unit size 1,067 square feet. This is smaller than the average unit sizes that have changed hands from Rivergate, Martin Place Residences, and Cairnhill Nine this year.