5 sites for sale this month will yield about 2,880 housing units

The government is releasing five residential sites for sale in October 2012 which will yield about 2,880 units. These include two Executive Condominium (EC) sites and three residential sites.

In a joint statement, the Housing & Development Board (HDB) and the Urban Redevelopment Authority (URA) said this is to provide developers and home-buyers with more choices for private housing.

The site at Bishan Street 14 near the Bishan MRT station and the executive condominium (EC) site at Punggol Field Walk/Punggol East will be launched for tender by the HDB under the confirmed list of the second-half 2012 (H2 2012) Government Land Sales (GLS) programme.

The land parcel at Bishan Street 14 has a site area of about 11,227.8 square metres (sqm) and a plot ratio of 4.9. Analysts said this site could potentially yield about 630 to 680 dwelling units.

The subject site is also near to several facilities like Bishan Park, Bishan Swimming Complex and Bishan Library

Analysts said that the tender for this site could attract about 10 to 15 bids, with some experts saying they expect the top bid to be at least S$830 per square foot per plot ration (psf ppr) ($492 million).

Meanwhile, the EC site at Punggol Field Walk/Punggol East, which is near Punggol MRT Station, has a land area of about 14,307 sqm and a plot ratio of 3.0. The site could potentially yield about 435 housing units.

With a recent tender for another EC site nearby sold at $189.9 million ($313.63 psf ppr) to Qingjian Realty Pte Ltd, experts said this subject site in Punggol could fetch a price of about S$290 psf ppr to S$329 psf ppr, amounting to between S$134 million to S$152 million.

Experts expect at least three to six bids for this tender.

In addition, two residential land parcels at Tampines Avenue 10 will also be made available on Monday for application via the Reserve List.

The land area of Tampines Avenue 10 (Parcel C) is about 22,190.8 sqm and with a plot ratio of 2.8, the site is estimated to yield approximately 680 to 730 housing units.

The land area of Tampines Avenue 10 (Parcel D) is smaller than Parcel C and it is about 15,660.4 sqm and has a plot ratio of 2.8. This land parcel can potentially yield about 470 to 510 dwelling units.

These two sites are located within established residential estates, with nearby amenities such as schools and shopping malls such as Century Square and Tampines One.

Another land parcel in the vicinity at the junction of Tampines Avenue 10 and Tampines Avenue 1 was sold to a consortium consisting of Far East Organization, Frasers Centrepoint, Sekisui House at the price of S$418 psf ppr in May 2012.

Nicholas Mak, Executive Director at SLP International Property Consultants said ” If the two land parcels were launched for sale today, Parcel C at Tampines Avenue 10 could fetch about S$260 million (S$388 psf ppr) to S$295 million (S$441 psf ppr), while the price for the top few bids for Parcel D is estimated between S$184 million (S$390 psf ppr) and S$208 million (S$441 psf ppr).

Meanwhile, the EC site at Sembawang Crescent/Sembawang Drive will be launched for tender under the confirmed list on October 30. With a land area of 21,717 sqm and a plot ratio of 2.8, the site is estimated to yield approximately 650 to 700 residential units.

Compared to the neighbouring EC development launched in the middle of this year, One Canberra, this land parcel is a choice site for a quality EC development due to its relatively close proximity to the Sembawang MRT Station and Sembawang Bus Interchange.

The expected top bids in this land tender could range from S$193 million to S$216 million (S$295 to S$330 psf ppr).

“As there is no other new EC project in the vicinity of this site, it could attract some interest from developers. Thus, the tender could attract four to seven bids.” added Mr Mak.

Source : Channel NewsAsia – 15 Oct 2012

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