URA puts up 2 residential sites for sale by tender

The Urban Redevelopment Authority (URA) has put up two residential sites along West Coast Link and along Choa Chu Kang Road for sale by tender.

The land parcels were released for sale under the Confirmed List of the Government Land Sales Programme for the first half of the year.

Together, the two 99-year lease sites can yield nearly 700 housing units.

URA said the land parcel at West Coast Link has a site area of about 1.27 hectares with a maximum gross floor area of nearly 35,500 square metres. It is expected to yield 360 units and the tender will close at noon on June 23.

Meanwhile, the parcel at Choa Chu Kang Road has a site area of about 1.54 hectares with a maximum gross floor area of over 32,000 square metres. It is expected to yield 335 units and the tender will close at noon on June 30.

URA said selection of the winners will be based on the tendered land price only.

Looking ahead, URA added that the Housing & Development Board will be releasing an Executive Condominium site at Punggol Way for sale later this month.

Together, these three residential sites can potentially yield over 1,400 housing units.

CBRE Research said the site at West Coast Link is adjacent to The Vision condominium, which is currently under construction.

“The West Coast Park and Clementi Woods provide a lot of greenery and open space for the residents in this neighbourhood,” said Li Hiaw Ho, executive director of CBRE Research.

He added that the location is popular with the Japanese community because of the presence of Waseda Shibuya High School and The Japanese Supplementary School. The National University of Singapore is also situated close by.

Amenities and shopping facilities are available at West Coast HDB estate and West Coast Plaza.

“Assuming that the new project on the subject site will be able to sell at around $1,000 psf – $1,100 psf, we estimate it will be able to fetch bids (of) $214 million to $221 million ($560 psf/plot ratio to $580 psf/plot ratio),” Mr Li added.

Referring to the site at Choa Chu Kang Road, he said the location is on the fringe of Choa Chu Kang and Bukit Panjang HDB estates and will benefit from the amenities and facilities there. The Teck Whye LRT station is also a short walk away.

Based on the pricing of The Tennery, a new project at Woodlands Road, Mr Li said the Choa Chu Kang site “will be able to fetch a land price of $208 million to $222 million ($600 psf/plot ratio to $640 psf/plot ratio).”

Source : Channel NewsAsia – 5 May 2011

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