Developers pack more units in some property sites

A new study by Savills Singapore has revealed that five projects on sites sold under the 2006 — 2010 state land sales programmes will fetch at least 50 percent more units than the numbers indicated in the Government Land Sales (GLS) programmes.

Kovan Grandeur at Tampines Road comprised the highest percentage of “surplus units” over the GLS programme’s estimates. The project’s 74 apartments are 111 percent above the 35 units indicated in the H1 2010 GLS programme.

“As the site for Kovan Grandeur was planned for either a landed or apartment project, the GLS Programme’s estimated supply for the site could have been based on a landed development, resulting in the substantial discrepancy between the actual number (74 units) and estimated number (35 units),” said Alan Cheong, Research Head of Savills Singapore.

Among other projects under the 2006 — 2010 state land sales programmes with the actual number of units exceeding the numbers in the GLS programme are Skysuites@Anson (53 percent “surplus” units), Suites at Orchard (57 percent), The Tennery (69 percent) and The Woods at Westwood Avenue (86 percent).

Meanwhile, there are sites whose builders are developing fewer units than the original numbers shown in the GLS programme.

This include two projects from Hong Kong-based developer Cheung Kong Holdings —Thomson Grand at Upper Thomson Road and The Vision in the West Coast area.

Launched in July, Thomson Grand comprises two-, three- and four-bedroom units with generous sizes of 904 sq ft, 1,346 sq ft and 1,658 sq ft respectively. It comprises 361 units, about 10 percent shy of the potential supply of 400 units as indicated in the H2 2009 GLS programme.

Additionally, two projects from Far East Organization will also fetch fewer units than the estimate shown in the GLS programme — the Boathouse Residences at Upper Serangoon View and Mi Casa condo at Choa Chu Kang Drive.

Source : PropertyGuru – 23 Aug 2011

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