Government releases 2 residential sites for sale

The Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) are releasing two sites for sale.

The land parcel at Commonwealth Avenue was launched for sale on Tuesday under the Confirmed List. In addition, New Upper Changi Road (Parcel B) is also made
available for sale on the Reserve List.

Together, these two sites can yield about 1,300 residential units.

Both are 99-year leasehold sites.

The site at Commonwealth Avenue has an area of 12,086.8 square metres and is expected generate some 700 units.

Eugene Lim, key executive officer of ERA Realty Network, said the two sites are likely to be well-received.

He said the Commonwealth Avenue site is expected to be particularly heavily contested, given its attractive location next to Queenstown MRT station.

He expects the site to receive five to eight bids, ranging between S$900 and S$980 per square foot per plot ratio (psf ppr). The authorities had awarded a nearby Alexandra site to a developer for S$970 psf ppr earlier this year.

Mr Lim said: “Nearby, along Alexandra Road, the optimism reflected in the bids for Prince Charles Crescent and Alexandra site B in the recent months indicates that developers will continue to pursue well-located sites in the central region.”

The land parcel at New Upper Changi Road has an area of 25,794.4 square metres and is close to Tanah Merah MRT station. It is expected to yield about 600 housing units.

Mr Lim expects the site to be triggered for sale.

He said: “Developers are still hungry for well-located mass-market plots. New homes sales this year have been dominated by mass market condominiums.”

In October, Keppel Land placed the top bid for a nearby site at New Upper Changi Road. The bid of S$434.55 million worked out to S$741.42 psf ppr. 11 bids were received for the site.

Source : Channel NewsAsia – 18 Dec 2012

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