More Government land sales

As home prices continue to climb despite four rounds of cooling measures, the Government is releasing more land to meet demand.

The Housing and Development Board (HDB) will release an Executive Condominium site at Upper Serangoon View today under the Reserve List of the Government Land Sales (GLS) Programme for the first half of this year.

The site can yield some 420 housing units. Developers can submit their applications indicating their minimum prices to the HDB. If the minimum price is acceptable, the HDB will put up the land for sale by tender.

Ms Chia Siew Chun, director of research and advisory at Colliers International, said: “The view is not too bad but for amenities you will need some time to get to Hougang Central. It is quite the norm for most Executive Condominium sites that they are not right next to the MRT but you would need to take public transport to reach the commercial places.”

Besides this plot of land, the HDB and the Urban Redevelopment Authority will also be releasing three new residential sites – in Punggol, Serangoon Garden Way and Upper Serangoon – under the Confirmed List of the GLS this month.

The four residential sites can potentially yield 1,380 residential units. They are part of the total 14,310 residential units that could be generated from both the Confirmed and Reserve Lists in the GLS for the first half of this year.

Separately, the HDB said yesterday it received nine bids for a residential site at Pasir Ris Central and Pasir Ris Drive 1.

The 16,388 sq m site is expected to yield a total of 410 units. Designated under the Design, Build and Sell Scheme, it has a lease term of 103 years, including a two-year construction period.

The top bid of S$123.9 million came in jointly from Singxpress Land and Kay Lim Holdings. That amounts to about S$3,023.64 per sq m based on a gross floor area of 40,970.5 sq m on a gross plot ratio of 2.5.

The HDB will award the tender at a later date.

Source : Today – 1 Jun 2011

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