Irwell Bank Residences Land Bid Price
The Irwell Bank Road site was launched for sale by tender by URA on 31 October 2019. The site spans an area of 12,789 square metres (sq m) with a gross floor area of 35,809 sq m. The 99-year leasehold site can yield about 445 residential units, with a maximum building height of 36 storeys.
The Irwell Bank Residences site is near River Valley Primary School, ISS International School and Dimensions International College, and is a few minutes’ walk from the Orchard Road shopping and entertainment belt and Great World City.
It is also within walking distance of the future Great World City MRT Station.
The Irwell Bank Road site was launched under the confirmed list of the government land sales (GLS) programme for the second half of 2019. It is the most appealing site out of the GLS slate for the second half of 2019, as it is a rare sizeable residential site in Prime District 9.
The site in Irwell Bank Road new condo drew seven bids. The highest bid, from City Developments (CDL), was nearly $583.89 million, or $1,515.10 per square foot per plot ratio (psf ppr).
The second-highest bid, from a consortium comprising Far East Organization, Sino Group and Sekisui House, came in at $560.1 million, or $1,453.37 psf ppr. Frasers Property Jade bid $527.98 million or $1,370.01 psf ppr. The lowest bid, from Winvale Investment, was $409.89 million, or $1,063.60 psf ppr.
The CDL top bid of $1,515.10 psf ppr is lower than the site at Jiak Kim Street which was sold in 2017. The new development at the Jiak Kim Street site is now known as Riviere, and was sold to Frasers Centrepoint in December 2017 at $1,732.55 psf ppr.
CDL group chief executive Sherman Kwek said: “The acquisition of the Irwell Bank Road site is in line with our selective land replenishment strategy and will allow us to further strengthen our presence within the River Valley-Grange Road area.” CDL will explore a development comprising two 36-storey blocks with around 580 residential units and a basement carpark.
Location Irwell Bank Road Successful Sale Price $583,888,000 Maximum GFA 35,809 sqm / 385,488 sqft Per Square Foot Per Plot Ratio Based on Max GFA $1,515.10 psf ppr
Irwell Bank Residences Estimated Launch Price
Irwell Bank Residences price is not released yet. This is the estimated breakeven based on cost breakdown, which provides a guide to estimate the expected launch price. Register your interest to be among the first to receive the latest price updates once available.
|Estimated Construction Cost||$115.6M|
|Estimated Land Financing||$51.1M|
|Estimated Professional/ Legal/Taxes||$83.9M|
|Total Estimated Cost||$864.6M|
|Estimated Breakeven (psf ppr)||$2,243 psf ppr|
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