This site at Dundee Road is the first Reserved Site triggered for sale under the 2H2014 Government Land Sales (GLS) programme. So, what is the significance of this?
Sites under the Reserve List are not guaranteed to be rolled out unless a developer indicates a minimum price in his application, or there is sufficient market interest in a particular site. Let’s understand a bit more about this land tender.
Dundee Road may not ring a bell to some folks, but what about a location next to Queenstown MRT? If we take a look at the Master Plan 2014, much of the East side of Queenstown MRT will likely be redeveloped in the coming years. New residential plot with plot ratio above 4 will be a norm.
As with most GLS, the site has a 99-year leasehold tenure. The site has an area of about 10,516.1 sqm and can enjoy a maximum gross floor area of up to 51,528.89 sqm. This can yield about 645 units.
We have 5 things that you should know about this site
I. What’s around there?
Within a 1 km radius, there are only 2 primary schools; Queenstown Primary School and New Town Primary School. Beyond that, Gan Eng Seng Primary School and Alexandra Primary School are within 2 km from the site. This site is the nearest you can get from Queenstown MRT, in fact based on the close proximity, it is possible to directly connect to the MRT.
II. What’s going to be around there?
This site has a plot ratio of 4.9, which is the highest in the vicinity. Developer will do well to maximise this advantage in terms of building height. Going forward, we can expect more tall residential buildings as land along Margaret Drive is zoned Residential. Interestingly, the former Queenstown Cinema is zoned Commercial and we hope to see a new retail mall to cater to the needs of residents there soon.
III. What’s the last new launch there?
Commonwealth Tower was recently launched in May 2014. The development consists of 2 towers of 43-storey which has a total of 845 units. According to reports, 175 units were sold on the first day.
IV. What’s not going to be there?
Block 15 that occupies a part of the site will soon need to make way. This is a nostalgic 3-storey building that perhaps brings back the changing times in the neighbourhood.
V. What’s something you may not know?
The site has quite an irregular shape because it extends across Dundee Road towards Alexandra Canal. The successful developer can construct solely condominium or a combination of condominiums and strata landed homes. The AMSL of the site is at 160 which should be sufficient for the developer to maximise the plot ratio.