Tag Archives: Land Sales

URA, HDB to release 5 residential sites for sale

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The Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing five residential sites for sale this month under the Government Land Sales Programme for the first half of 2013.

The government said this is to provide developers and home buyers with more choices for private housing.

The five sites are located at Tampines Avenue 10, Toa Payoh Lorong 6, Prince Charles Crescent, Siglap Road and Geylang East Avenue 1.

The five sites can collectively yield about 2,725 residential units.

URA said the land parcel at Tampines Avenue 10 (Parcel B) is on sale on Wednesday under the Confirmed List.

The remaining four land parcels are available on Wednesday for application on the Reserve List.

Tender for the residential site at Tampines Ave 10 (Parcel B) will close at 12 noon on 2 July 2013.

Source : Channel NewsAsia – 15 May 2013

EC site in Woodlands attracts seven bids; top bid of $216m by Qingjian Realty

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An executive condominium (EC) site in Woodlands has attracted seven bids from developers, according to the Housing & Development Board (HDB).

The 99-year leasehold site at Woodlands Avenue 5/Woodlands Avenue 6 fetched a top bid of S$216 million from Qingjian Realty (South Pacific) Group.

That’s about 9 percent above the second highest bid of S$198 million tabled by Bellevue Properties, a wholly-owned subsidiary of City Development’s Verwood Holdings.

Analysts say the top bid of S$216 million works out to about S$341 per square foot per plot ratio (psf ppr).

And that is higher than previous bids for nearby sites at S$318 psf ppr and S$302 psf ppr last year

HDB says the site, which spans over 21,000 square metres, can potentially yield 590 residential units.

Desmond Sim, Associate Director of CBRE Research, said, “The relatively higher bid reflects developers’ renewed confidence in the area following the government’s announcement on Woodlands as Singapore’s new commercial hub in the land-use plan in January 2013… we expect interest in the next few EC plots this year to remain strong as there is a genuine need and demand for ECs. Developers are still positive about the EC market.”

ERA Realty Network expects selling price for units built on the site to start at $830 psf.

“This is the first EC land sale allocated after the new cooling measures were introduced. It can be seen that developers are still hungry for land sites to build up their land bank,” said Eugene Lim, key executive officer at ERA.

Cooling measures introduced in January this year will apply to this site.

Among them are restrictions on the maximum size of EC units and guidelines on private enclosed spaces or private roof terraces.

Under the new rules EC developers will also only be able to market their projects 15 months from the date of award of the sites.

Including this latest site, there are now four EC projects in Woodlands. The other three are La Casa, Forestville and Twin Fountains.

HDB says decision on the award of the tender will be announced at a later date.

Source : Channel NewsAsia – 9 May 2013

Keppel Land unit wins bid for Kim Tian site

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Keppel Land unit Harvestland Development has won the tender for a private residential site in Kim Tian Road with a top bid of S$550.3 million, Urban Redevelopment Authority data showed on Tuesday.

Harvestland’s bid translates to S$1,162.86 per sq ft per plot ratio, the highest ever for a pure residential site, beating the previous record of S$1,107 psf ppr for a site at Farrer Road, said Mr Lee Sze Teck, Senior Manager for Training, Research and Consultancy at DWG, before the tender was awarded.

The tender had attracted 11 bids at the close on April 18.

The centrally-located 99-year leasehold site was released under the Confirmed List of the Government Land Sales programme for the first half of this year. Near Tiong Bahru MRT Station, it sits on about 118,302 sq ft of land and has a maximum permissible gross floor area of about 473,213 sq ft.

Keppel Land said it would develop about 500 homes ranging from 500 sq ft to 1,350 sq ft in one- to four-bedroom configurations when awarded the site.

Source : Today – 24 Apr 2013

8 bids received for Sengkang residential site

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The tender for a residential site at Sengkang West Way has attracted a total of eight bids.

The highest bid of S$262.1 million was submitted by Secure Development, a unit of UOL Group, said the Housing and Development Board (HDB).

This translates into about S$489 per square foot per plot ratio.

The second highest bid was placed by developer Bayfront Land at S$253.6 million.

HDB said the other bids for the 99-year leasehold site ranged between S$230.4 million and S$111.0 million.

Experts said the number of bids showed that developers are still positive about the residential market and that land parcels with water views are generally popular with developers and homebuyers.

Nicholas Mak, executive director of SLP International Property Consultants, said: “The strength of the site is its proximity to various schools and recreational facilities. The Sengkang Riverside Park and the Punngol park connector are located within walking distance, leading to the Sengkang Sports & Recreation Centre and Punngol Waterway.”

Desmond Sim, CBRE Research’s associate director, said the breakeven cost is estimated to be in the region of about S$900 per square foot (psf).

He added: “Developers will be targeting to launch the project at about S$1,000 psf, given that the site is close to the future Seletar Mall and Sengkang Riverside Park.”

The land parcel spans some 16,600 square metres and has a maximum permissible gross floor area of about 49,800 square metres.

Experts noted that the site is estimated to yield about 530 to 570 housing units.

The site was offered at a state tender, which closed on April 11.

HDB said a decision on the award of the tender would be made after the bids have been evaluated.

Source : Channel NewsAsia – 11 Apr 2013

JTC to sell Loyang Way industrial land site by public tender

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JTC Corporation (JTC) has launched the sale of a plot of industrial land at Loyang Way by public tender on Thursday.

JTC said the site has a land area of 20,633 square metres, and is zoned for Business-2 development. This means the plot can be used for industry and warehouse purposes.

The land parcel has a tenure of 30 years and gross plot ratio of 2.5.

Developers have up to 84 months to complete projects on the site.

The tender closes on May 9, 2013, at 11:00am.

Source : Channel NewsAsia – 28 Mar 2013

Government to release three residential sites estimated to yield 845 housing units in March 2013

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To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing three residential sites for sale in March 2013 under the Government Land Sales Programme (GLS) for 1st half 2013 (1H2013).

Together, these three sites can yield about 845 residential units.

An executive condominium site at Woodlands Avenue 5 and a residential site at Coronation Road are launched for sale today under the Confirmed List. In addition, a residential site at Jalan Bunga Rampai is made available today for application on the Reserve List.

Situated within HDB Woodlands estate, the land parcel at Woodlands Avenue 5 can potentially yield about 590 executive condominium units. It is easily accessible via Admiralty and Woodlands MRT stations and Seletar Expressway (SLE).

The land parcel at Coronation Road has a site area of about 3.8 ha, it can potentially yield about 140 landed housing units. The site is located in an established landed housing estate at Bukit Timah, and is easily accessible via major roads and expressways such as Bukit Timah Road and Pan Island Expressway (PIE).

Jalan Bunga Rampai land is situated within an established residential estate at the city’s fringe, the land parcel has a site area of about 0.5 ha and can potentially yield about 115 housing units. It is easily accessible via Bartley MRT Station, PIE, Central Expressway (CTE) and Kallang Paya Lebar Expressway (KPE).

Tender for the land parcels at Woodlands Avenue 5 and Coronation Road will close on 9 May 2013 and 20 June 2013 respectively. Selection of the successful tenderer will be based on the tendered land price only.

Sim Lian JV (Vision) places top bid for site in Jurong East

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The land tender for a commercial site at Venture Avenue in Jurong East has attracted nine bids. According to the Urban Redevelopment Authority (URA), Sim Lian JV (Vision) placed the top bid at about S$701 million for the 99-year leasehold site.

It is about nine per cent higher than the second highest bid of S$643 million from Victory One Pte Ltd.

Sim Lian JV (Vision) is jointly incorporated by Sim Lian Land and Sim Lian Development.

In a statement, URA said the top bid works out to a tendered sale price of S$10,858.99 per square metre of Gross Floor Area (GFA).

Located in the new growth area of Jurong Lake District, the land parcel spans over 11,000 square metres and has a maximum permissible GFA of more than 64,000 square metres.

Analysts said the strong bids received is reflective of the strong demand for strata-titled commercial property among investors, as can be seen in robust sales at the Alexandra Central project.

Nicholas Mak, executive director at SLP International Property Consultants, said: “The developer of this Jurong East site may also be planning to strata-divide the development for sale. With a land price of S$1,009 per square foot per plot ratio, the break-even price of the commercial space is estimated to be about S$1,700 to S$1,750 psf.

“However, the developer would also face the risk of the government imposing cooling measures on commercial properties before the launch of this project.”

Source : Channel NewsAsia – 12 Mar 2013

Government launches two residential sites estimated to yield 1,055 housing units

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To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) have launched two residential sites for sale by public tender today under the Confirmed List of the 1st half 2013 (1H2013) Government Land Sales (GLS) Programme.

Together, these two sites at Kim Tian Road and Sengkang West Way (Parcel A) can yield about 1,055 residential units.

The site at Kim Tian Road is located in the established Tiong Bahru residential estate, near Tiong Bahru MRT station. It is also a short drive away from the Central Business District, Marina Bay and Orchard Road.

The site at Sengkang West Way is located along Sungei Punggol, in close proximity to Fernvale and Layar LRT stations. It is also near Tampines Expressway (TPE).

Nine bids received for Punggol F&B site

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The Urban Redevelopment Authority (URA) on Tuesday received nine bids at the close of the tender for a food and beverage site located at Punggol Point.

Mainboard-listed property developer Fragrance Group submitted the highest bid of S$11.4 million, which translates to about S$3,790 per square metre of Gross Floor Area (GFA).

This was 33 per cent higher than the second highest bid of S$8.6 million submitted by building firm KT&T Resources.

The other seven lodged bids ranging from S$1.7 million to S$8.0 million.

The site measures about 11,600 square metres and has a maximum permissible GFA of 3,000 square metres.

The plot can be built into a two-storey development that will have a lease term of 15 years.

URA said a maximum 20 per cent of the total GFA can be used for complementary retail use.

Source : Channel NewsAsia – 26 Feb 2013

Land parcel at Commonwealth Avenue receives 3 bids

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A total of three bids were received by the Housing and Development Board (HDB) at the close of tender for a land parcel at Commonwealth Avenue.

The land parcel is nestled in the Queenstown HDB estate, just across the street from Queenstown MRT Station.

The site, which has a gross floor area of over 12,000 square metres or a maximum gross floor area of over 59,000 square metres, is planned for a private housing development.

The top bid came from a tie-up involving units of City Developments and Hong Leong Group: Intrepid Investments, Verwood Holdings and Hong Realty, for S$562.8 million.

This works out to S$883 per square foot per plot ratio.

The top bid beat earlier projections, and was 2.46 per cent higher than the second highest bid of S$549.2 million.

Analysts said the small number of bidders was not expected as this is an attractive site.

Eugene Lim, key executive officer at ERA Realty Network said: “This is a vast difference from the last two tenders after the cooling measures were announced which saw more than 10 bidders. Developers may be more cautious and realistic with their bidding in light of the cooling measures.”

Property consultant CBRE estimates a breakeven cost of S$1,350 per square foot and estimates the selling price of the development to be above S$1,600 per square foot.

Desmond Sim, associate director at CBRE Research said: “Prices fetched by the resale HDB flats in Queenstown are the most expensive in Singapore. A five-room HDB Strathmore unit is observed to be asking for up to S$100,000 cash-over-valuation, one of the highest transactions recorded.

Five-room and executive flats that are less than 10 years old fetched at around S$800,000 to S$1 million in some cases between the July-November 2012 period.”

While the latest cooling measures may have played a part in drawing a lower-than-usual number of bids, Mr Sim said the highest bid “is a reflection of the confidence that developers have in attracting future buyers for the 700-unit project” and that the bid price “sets an important benchmark for future bids of the sites close by.”

The 99-year lease site was launched for tender by the HDB on December 18 last year.

HDB said it will evaluate the provisional tender results and award the tender at a later date.

Source : Channel NewsAsia – 5 Feb 2013