For the Northumberland Road Government Land Sales (GLS) platform, joint venture partners CDL and MCL Land have submitted the highest offer of $1,129.38 psf per plot ratio (ppr).
The site’s tender, which is part of the 2H2020 GLS scheme, obtained ten offers in all.
The property is zoned for “residential with commercial at first storey,” with a total of 405 residential units possible. It has a total floor area cap of 36,679 sq m and a land size of 8,732.9 sq m (94,000 sq ft).
Mustafa Centre, Tekka Place, City Square Mall, Tekka Market and Pek Kio Market & Food Centre are all near by. Farrer Park Primary School and St Joseph’s Institution Junior are also close by. It is also next to the North-East Line’s Farrer Park MRT Station.
When the bid price is taken into account, Nicholas Mak, ERA’s head of analysis and consulting, predicts that the proposed residential project at Piccadilly Grand may be priced between $2,000 and $2,100 per square foot.