HDB receives no bids for Jurong West residential site

Despite Singapore’s property market seeing a boom, the Housing and Development Board (HDB) has received no bids at the close of the tender for a residential site at Jurong West Street 42 on Thursday.

The land parcel has a land area of over 16,800 square metres and a maximum gross floor area of about 50,445 square metres.

The site is slated for Executive Condominium housing and has a lease period of 99 years.

It was launched for public tender on July 2 and closed at noon on Thursday.

Analysts said developers are spoilt for choice as the government has been releasing a lot of land.

Nicholas Mak, lecturer, Real Estate, Ngee Ann Polytechnic, said: “There are also growing concerns that there could be a growing oversupply due to the large amount of land that the government is offering for sale in the present government land sales programme.

“In addition, there is also the characteristic of this site, which is that it’s not within comfortable walking distance to the nearest MRT station.”

The second half of this year will see 27 residential sites and 4 mixed-use sites put up for tender via the government land sales programme.

The 31 sites are expected to yield nearly 14,000 private residential units. This is the highest potential supply for any half-yearly period since the Confirmed and Reserve Lists system started in 2001.

Source : Channel NewsAsia – 12 Aug 2010