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Sep 19, 2007

Another Enggor St plot up for tender

By Tan Hui Yee

ANOTHER residential skyscraper of up to 60 storeys high could be built in Tanjong Pagar after a site was put up for sale yesterday, which is set to fetch more than $200 million.

The 99-year leasehold, 0.28ha site on Enggor Street went on sale just two weeks after an adjoining plot also hit the market.

The plot has a maximum gross floor area of 23,420 sq m, which property consultants estimate could hold 235 to 250 apartments. Commercial space can be located on the first storey.

The site is one of 10 plots transferred from the reserve list to the confirmed list for the July to December period.

That means the site was put up for tender on a specific date, whereas on the reserve list a tender is triggered only when an acceptable expression of interest is lodged.

The Urban Redevelopment Authority, which launched the tender yesterday, said the site caters to demand for inner-city living. Upcoming projects nearby include Icon by Far East Organization and the Housing Board's 50-storey Pinnacle@Duxton.

The tender for the latest site closes at noon on Nov 15.

Mr Li Hiaw Ho, an executive director of CB Richard Ellis Research, expects the site to attract bids above $800 per sq ft per plot ratio (psf ppr), or $200 million.

The regional director and head of investments at Jones Lang LaSalle, Mr Lui Seng Fatt, was more bullish, estimating at least $1,200 psf ppr, or above $300 million.

The site, said Mr Lui, could house 'branded' residences managed by reputable global managers. Existing branded homes in Singapore include upcoming St Regis Residences and Four Seasons Park.

Earlier this month, an adjoining 0.3ha residential site in Enggor Street was put up for tender.