Punggol Field Walk/Punggol East EC site receives 7 bids

Stronger than expected bids were submitted for a parcel of land earmarked for executive condo development in the Punggol area.

The 99-year leasehold property at Punggol Field Walk/Punggol East received a total of seven bids at the close of the tender on Thursday.

Property consultants had forecast between three and six bids.

The Urban Redevelopment Authority (URA) said the top bid of S$162.1 million was placed by mainboard-listed developer, Sing Holdings Ltd, surpassing forecasts of S$134 million to S$152 million.

The top bid equates to S$3,776.73 per square metre of gross floor area (GFA) based on the maximum permissible GFA of about 42,921 square metres.

The top bid is about eight percent higher than the second highest bid from boutique developer, JBE Holdings.

The land was launched by the Housing & Development Board (HDB), as the government’s land sales agent, for public tender on October 15, under the confirmed list of the second half Government Land Sales (GLS) programme.

Located near Punggol MRT station, it has a site area of about 14,307 square metres — a plot ratio of 3.0 and can potentially yield about 435 housing units.

Source : Channel NewsAsia – 6 Dec 2012

Recreational facilities at Punggol Point shaping up

Recreational facilities at Punggol Point are shaping up, following the opening of Punggol Point Walk last year.

Operations at the site are set to begin as soon as it receives its temporary occupation permit.

The 2.9-hectare site took about S$4 million to develop.

The site comprises a horse-riding centre with over 60 stables.

It will be themed a cow-boy town, and will feature 30 chalets, a retail shop, and a restaurant.

There also plans to link the site to Coney Island, which is tipped to be Singapore’s ninth nature park.

Punggol Horse Riding Centre’s owner Mani Shanker said: “We can do a nice trail from our place to Coney Island. (It) would be another thing that brings us to connect with nature, and I say eco-green, where you are going without petrol (or) diesel to get into Conney Island. That would be great if we can work with NParks in that area.”

Source : Channel NewsAsia – 13 Nov 2012

Condo prices and rentals in Punggol tepid in next few years: analysts

Punggol may be touted as Singapore’s hottest new estate after the Housing and Development Board (HDB) unveiled new plans for the area, but analysts said condominium prices and rentals may be tepid in the next two to three years.

In the past year, private housing developments in Punggol have been selling like hot cakes, as the government has consistently released land for home developments.

So far, three executive condominiums and five private developments have been launched.

There are currently some 6,400 private units in Punggol, and all are uncompleted.

However, by 2016 when they are completed, the proportion of private homes will make up 13 per cent of homes in Punggol.

Still, the numbers have not tipped to oversupply.

Analysts said homebuyers are attracted to high quality finishes at prices less than S$1,000 per square foot.

Singapore’s population – inching towards six million – is also fuelling demand.

Nicholas Mak, research head, SLP International, said: “On an annual basis, if the government sells anywhere between two and four EC or condominium sites in Punggol, that is about sufficient. Anything that is more than that number could lead to slower sales because the competition is fairly great.”

The HDB’s next phase of development for Punggol announced on Tuesday should also maintain buyer interest.

However, experts said buyers should be wary about picking up shoebox apartments in the area.

Ku Swee Yong, CEO, IPA, said: “Those are (the) units that would be in large part purchased by investors. Once they are completed, who would they be renting out to? HDB rental prices in that location could be as low as S$2,500 per month for a five-room flat.”

Going forward, experts said suburbs like Punggol may see fewer offerings of shoebox units by developers, after authorities capped the total number of units that can be built on a site for non-residential developments outside the city.

Investment returns of Punggol properties may rise when more amenities like schools and public transport become available.

Source : Channel NewsAsia – 18 Oct 2012

Punggol town phase 2 development unveiled

As Punggol moves into the next chapter of its development, it could potentially become Singapore’s biggest housing town – twice that of Ang Mo Kio today – and feature the Republic’s newest seafront public housing estate.

National Development Minister Khaw Boon Wan on Tuesday outlined several new ideas characterising Punggol Phase II, which will cover developments over the next 15 years and beyond.

“Punggol Town will be big,” said Mr Khaw, speaking at the HDB Awards 2012. The number of apartments will increase from the current 26,000 to nearly 100,000.

There will be “distinctive districts, each with a unique character and identity” to give residents a strong sense of attachment to their neighbourhoods, he said. For instance, there will be seven different waterfront housing districts.

Waterway East and Waterway West Districts are currently already under development, while the Northshore and Matilda districts are likely to start development first within the next five years, subject to demand.

The Northshore District, to the north of Punggol Town, will feature Singapore’s newest seafront public housing and Punggol’s tallest residential buildings. The Housing and Development Board (HDB) will explore new building forms for the district.

The Matilda District will be developed along Punggol’s western waterfront, as its landscape and architecture draws inspiration from the rich history of the area.

There will also be “attractive public spaces to encourage community activities”, said Mr Khaw, citing a new Punggol Downtown with a new town hub and town square.

And even as Punggol urbanises, there will be “abundant greenery” to soften its high density, assured Mr Khaw.

More green parks and green corridors will be integrated with the waterfront promenades, according to the HDB in a news release. The existing My Waterway@Punggol and the Punggol Waterway Park will be enhanced, with green spaces expanding towards the north.

There will also be green linear corridors for recreational activities such as jogging, cycling and brisk walking. An example is the Old Punggol Road, which will be kept as a linear 1.5km heritage trail.

The HDB said: “Residents can look forward to more recreational spaces and commercial amenities such as a new sports complex, a Horse Riding Centre, and a hawker centre.

“Community interaction will also be enhanced with the upcoming Punggol Town Square and a Community Club where residents can gather and organise local community events.”

“These ideas for Punggol underpin the planning philosophy that we are adopting for all HDB towns: make space for greenery, support an active citizenry, create opportunities for residents to mingle and bond, retain social memories and sharpen the character of each HDB town,” said Mr Khaw.

“If we execute it well, we can create gems out of our HDB towns,” he continued. “Execute it well, we can live very comfortably, despite a higher population density.”

One analyst said the new developments will bode well for home owners in the area.

David Poh, director of Propnex, said flats in Punggol have already been doing well in the resale market.

He said: “If the government is putting in more development plans into Punggol — like seafront housing, more amenities, more facilities, more infrastructure — I think it will further enhance the value of Punggol flats and I’m sure the prices of Punggol flats will continue to rise.”

HDB will hold an exhibition to gather feedback on the development plans from the public.

The first phase of Punggol development began in 1996, with the announcement of the Punggol 21 Vision.

Source : Channel NewsAsia – 16 Oct 2012

Punggol waterfront development shaping up

Punggol is rapidly developing into a major commercial and residential hub, underlined by strong interest for the new Watertown development.

Over at the upcoming retail mall Waterway Point, supermarket NTUC FairPrice Finest and Shaw Theatres have signed on as anchor tenants.

The FairPrice Finest outlet will occupy around 30,000 sq ft of retail space and provide a variety of quality products and value-added services. It will be the 10th of its kind in Singapore and the second 24-hour Finest outlet after Serangoon Gardens.

Christopher Tang, CEO of Frasers Centrepoint Commercial, said that NTUC FairPrice Finest’s commitment as an anchor tenant “affirms the strong appeal of Waterway Point and we are confident that the Mall will be the centre of attraction at Punggol waterfront”.

Waterway Point will feature a “24 Hour Basement” level, where Shaw Theatres and FairPrice Finest will function round-the-clock.

When completed, 40 percent and 30 percent of the mall’s floor space will be for retail and F&B outlets respectively, while the remaining space will be occupied by entertainment, educational institutions, banks and other service providers.

The entire S$1.6 billion-plus Watertown development is jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House and will integrate residences, the mall and an extensive public transport network.

Meanwhile, close to 97 percent of residential units at the 992-unit development have been snapped up with only 34 units remaining, mainly three- and four-bedders ranging from 1,173 to 1,550 sq ft.

At the same time, new buyers will receive FairPrice Finest vouchers ranging from S$8,000 to S$10,000.

The construction of the retail mall is expected to end in 2015, while the residential component will likely be completed by 2017. Hyundai Engineering & Construction Co., Ltd was awarded the main construction contract for the project.

Source : PropertyGuru – 8 Oct 2012

Land parcel at Punggol Way/Punggol Walk receives 3 bids

The Housing and Development Board (HDB) tender for the land parcel at Punggol Way/Punggol Walk for Executive Condominium Housing Development has attracted three bids at the close on Tuesday.

The top bid came from Qingjian Realty (South Pacific) Group Pte Ltd at S$189.87 million or $3,375.86 per square metre.

This works out to S$314 per square foot per plot ratio.

The top bid was just 1 percent higher than the second bid of S$188 million by Verspring Properties Pte Ltd.

Meanwhile, the lowest bid came from Opal Star Pte Ltd & Binjai Holdings Pte Ltd at $175.88 million.

The 99 -year leasehold site was launched for public tender on 23 Jul 2012.

It has a maximum permissible gross floor area of 56,243.4 square metres.

Miss Chia Siew Chuin, Director of Research & Advisory at Colliers International said the tender for the executive condominium (EC) site at Punggol Way and Punggol Walk was contested by just three contenders, due mainly to the location of the site which is some distant from the MRT station.

“Nonetheless, the three developers remain optimistic about the residential market’s potential and are attracted to the increasingly popular Punggol address” she added.

Miss Chia says the units for this new site could possibly be priced at $750 per square foot (psf) and above,

She also estimates the break-even cost for the developer to be around $600-$650 psf.

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

The result will be announced at a later date.

Source : Channel NewsAsia – 3 Sep 2012

Govt to release two residential sites in Dairy Farm Road and Punggol

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 at Dairy Farm Road and Punggol Way / Punggol Walk respectively for sale by public tender today.

The two land parcels are launched for sale under the Confirmed List of the 2nd half 2012 (2H2012) Government Land Sales (GLS) Programme. Together, these sites will yield about 950 units, as part of the 7,060 residential units to be launched for sale under the 2H2012 GLS Programme.

The site at Dairy Farm Road is located within an established private residential estate and is easily accessible by Bukit Timah Expressway and Pan Island Expressway. It is also located close to the future Hillview MRT Station on the Downtown Line 2.

Located near the Punggol Promenade, the site at Punggol Way / Punggol Walk enjoys accessibility to Tampines Expressway, which is a mere minutes away. The site is also near Punggol MRT station and Punggol bus interchange.

Tender for the residential sites at Dairy Farm Road and Punggol Way / Punggol Walk will close at 12 noon on 11 September 2012 and 4 September 2012 respectively. Selection of the successful tenderer will be based on the tendered land price only.

Private property developers eyeing Punggol

A new study shows that about 30 per cent of HDB households in Punggol have a monthly income of S$9,000 or more.

This is four percentage points higher than the national average compared with other HDB estates.

And property developers believe this shows Punggol has potential for private residential development.

Pasir Ris has the highest number with 35 per cent of HDB households with monthly incomes above S$9,000.

But as Punggol is a relatively new estate and the proportion of those with university education is the highest, property developers are setting their sights there.

They believe Punggol residents can afford private property with their stronger earning power.

In addition, 97 per cent of HDB residents there live in four-room or bigger flats.

And analysts said those looking to upgrade to private property usually come from this group.

So even though the government is pushing out 5,400 private property units in Punggol, analysts believe there is demand.

SLP International research & consultancy executive director Nicholas Mak said: “Bearing in mind that private homebuyers of condominiums in Punggol are not just from Punggol but also from Sengkang and Hougang, and there is a finite number of such buyers in the area, I think the present pace of government land sale is just right. If the government were to accelerate the land sale in Punggol, this could actually increase or enhance a risk of oversupply in the area.”

Source : Channel NewsAsia – 14 Mar 2012

Qingjian Realty wins Punggol condo site tender

The Housing & Development Board has awarded the tender for the land parcel at Punggol Central/Edgedale Plains to Qingjian Realty (South Pacific) Group.

The developer had submitted a bid of S$215.87 million for the 20,256.1 sq m site.

The 99-year leasehold site is earmarked for condominium housing development that can yield an estimated 610 units.

It has a maximum gross floor area of 60,768.30 square metres.

The site received five bids when the tender closed on 3 November.

Source : Channel NewsAsia – 8 Nov 2011

Punggol to retain its fishing village heritage

She grew up in Punggol but, today, Mdm Wee Sah Muay can no longer recognise the area where she had lived for more than 30 years until she moved out in 1975 to Hougang.

The 78-year-old, who used to live at the 20th track near the old Punggol Zoo, told TODAY: “I have no impression of the new place. Everything looks different and the place where I used to stay is now an empty plot of land that the Government will use to build recreational facilities.”

As Punggol is in the midst of being transformed into an eco-town, the Housing and Development Board (HDB) is looking at how to preserve its fishing village heritage for both the younger and older generations.

For instance, the 4.2-kilometre man-made Punggol Waterway, which will be open to visitors from Sunday, runs through the town to provide residents with a waterfront living space, while seeking to retain the seaside charm of the old Punggol.

Features such as a “kelong” bridge, heritage panels and a heartwave wall with motif panels will be built along the waterway for residents to learn about the history of the town as they go about their recreational activities.

The HDB told TODAY that facilities along the waterway such as water play and sand play areas “were designed with community interaction and bonding in mind” to foster a kampong spirit.

Apart from Punggol, other housing estates such as Dawson and Yishun will also see their heritage conserved under the HDB’s Remaking Our Heartland (ROH) programme.

In 1984, the Government approved the North-eastern Coast Reclamation Scheme for Punggol, which involved 875 hectares of shallow foreshore and swamp land from Pasir Ris to Jalan Kayu. The bulk of the reclamation was for new flats.

All the pig farms, boatels – which provided services like docking and renting of boats for boating, water-skiing and skin-diving lessons – and farms were moved out to make way for Sengkang and Punggol new towns. The residents were relocated to various parts of Singapore.

The HDB said that care has been taken to preserve the rich coastal vegetation and mangroves that Punggol used to be known for.

It has replanted freshwater tolerant mangroves at the eastern zone of the waterway and is test bedding the floating wetlands system at the Sunrise Gateway (where visitors can view the sunrise), which will help enhance the water quality in Punggol Waterway.

Mr Daniel Ng, 29, who stays in Punggol, told TODAY: “The new facilities coming up at the Punggol Waterway will provide a lot of recreational choices for residents. The efforts to preserve the history of the town is a bonus. It will allow residents to appreciate the town better.”

A HDB spokesperson said: “Under ROH, HDB brings out the distinct character of each town, builds on what makes the area unique and endearing. HDB recognises the importance of conserving amid rejuvenating the estates. For this reason, there is a heritage area purposefully set aside in each estate to reflect the past.”

Source : Today – 17 Oct 2011