The Housing and Development Board (HDB) is launching the tender for a residential site at Buangkok Drive/Sengkang East Drive on Wednesday.
The site, which is slated for condominium development, can potentially yield 550 dwelling units.
It is being released for tender under the Confirmed List of the 1st Half 2011 Government Land Sales Programme.
Located to the east of Sengkang New Town, residents there will be served by the Buangkok MRT station.
The land parcel has an area of over 19,500 square metres, with a maximum gross floor area of about 58,600 square metres.
The site has a lease term of 99 years and the tender will close at noon on June 2.
Mr Ku Swee Yong, the CEO of International Property Advisor, said the supply was overwhelming for the area and may create problems, such as traffic congestion, later on.
He added: “Within 15 months from 1st Jan 2010 till today, we have a potential supply of almost 10,000 units of HDB and 6,000 units of private residences that will be completed in 2014-2015.
“And there are more Government Land Sales parcels coming up in the rest of this year – both on the confirmed and reserved lists and including ECs.”
Source : Channel NewsAsia – 29 Mar 2011