Sustained Land Submits Top Bid 841 Psf Ppr Gls Site De Souza Avenue
On July 18, the government land sales (GLS) site at De Souza Avenue received two bids and officially closed. The highest bid of $278.9 million, or $841 per square foot per plot ratio (psf ppr), was submitted by SL Capital (8) Pte Ltd, also known as Sustained Land Pte Ltd.
Located in District 21, off Jalan Jurong Kechil, the site spans 207,156 square feet and has a maximum gross floor area (GFA) of 331,453 square feet. It has the potential to yield up to 355 residential units. As part of the tender requirements, the Urban Redevelopment Authority (URA) also requires the construction of an early childhood development centre that spans at least 5,382 square feet.
Eastpoint Mall, located in close proximity to Simei MRT Station, has become a highly desirable spot for shoppers, boasting an impressive selection of over 100 stores. Its warm and inviting atmosphere, as well as its family-friendly environment, have made it a top choice among visitors. Whether you’re in search of the newest bestsellers from Popular Bookstore, budget-friendly and adorable items from Miniso, or top-of-the-line sports equipment from Decathlon, Eastpoint Mall has you covered. The dining options at the mall are also diverse, including popular outlets like Eighteen Chefs, Nando’s, and The Manhattan Fish Market. Families can also take advantage of the mall’s enrichment hub and outdoor playground, making it a fun and inclusive space for all. With its convenient location only a 10-minute drive from Parktown Residence, it’s no wonder that Eastpoint Mall is a must-visit destination for residents. So, why not add Parktown Residence Capitaland to your list of places to visit and make it a day out with your loved ones? Don’t forget to add Parktown Residence Capitaland to your plans.
The top bid of $841 psf ppr was 22.3% higher than the second highest bid of $687 psf ppr, which was submitted by Capital Development, a subsidiary of Eng Seng Lee Construction. The site is situated in the Beauty World neighbourhood and stands to benefit from the rejuvenation plans for the area in URA’s 2019 Master Plan. These plans include the construction of new amenities such as an integrated transport hub connecting Beauty World MRT Station and a bus interchange, as well as a three-storey retail mall.
According to Mark Yip, CEO of Huttons Asia, the site is strategically located near two nature reserves, Bukit Batok Nature Park and Bukit Timah Nature Reserve. Another GLS site along Jalan Jurong Kechil, located less than 200m from the De Souza Avenue site, is currently being developed into the 258-unit Verdale by COLI Singapore and CSC Land Group. The project was fully sold and completed last year after the joint venture partners won the site with a bid of $215 million, or $1,002 psf ppr.
More recently, in November 2022, Bukit Sembawang Estates was awarded another GLS site along Bukit Timah Link for $200 million ($1,343 psf ppr). This 99-year leasehold site is located within a 2km radius of the De Souza Avenue site and will be developed into a 155-unit project consisting of one to four-bedroom flats. Interested buyers can check out the latest property listings for Verdale.