Two residential sites up for sale
By UMA SHANKARI
THE government has launched two more suburban residential sites - one for private housing and the other for executive condominium (EC) units - for sale by tender.
And sales agent Housing & Development Board said that a further two parcels will be put up for sale early next month.
Tenders for these two sites, which are on the government's reserve list, were triggered after developers committed to bid at prices deemed acceptable to the state.
The four sites can potentially yield about 1,970 homes, of which about 60 per cent are EC units.
One site offered for sale from today is a 99-year leasehold plot at the junction of Sembawang Road and Canberra Drive from the government's confirmed list. HDB said that an estimated 290 landed homes or condominium units can be built on the site, which has a maximum permissible gross floor area of 340,085 sq ft.
Li Hiaw Ho, executive director for CBRE Research expects the plot to fetch $280-310 per sq ft per plot ratio (psf ppr). 'Assuming a low-rise condominium of around 300-350 units will be built, the site is likely to fetch $95-105 million ($280-310 psf ppr),' Mr Li said. 'Alternatively, at the same land price, about 120-150 cluster units houses can be considered for strata landed housing development.'
The tender for the site closes on June 8.
The other site launched for sale by tender is an EC plot at the junction of Sengkang East Avenue and Buangkok Drive, which was triggered under the reserve list system on April 1.
HDB said then that a developer had agreed to bid at least $103.8 million - or $189 psf ppr - for the 99-year leasehold site. Analysts said at the time they expected the site to fetch $200-300 psf ppr. The tender closes on May 25.
HDB also said yesterday that it will put two 99-year leasehold residential sites on the reserve list - a plot for private homes in Yishun and an EC parcel in Punggol - up for tender in early May after they were triggered by unnamed developers.
The Yishun site - at the junction of Yishun Avenue 2, Yishun Avenue 7 and Canberra Drive - has been on the reserve list since August 2008. A developer has now committed to bid at least $137.9 million for the plot, which has a maximum gross floor area of 714,174 sq ft. The bid price works out to $193 psf ppr. About 600 condo units can be built on the site.
The EC plot, at the corner of Punggol Field and Punggol Road, has been on the reserve list since December 2008. It received a minimum bid of $147.7 million. The site has a maximum gross floor area of 726,476 sq ft, which means the minimum bid price works out to $203 psf ppr. An estimated 615 EC units can be built on the site.
The four sites offer a 'good spread' to developers and home buyers, said Colin Tan, director of research and consultancy at Chesterton Suntec International.
EC units are initially sold with eligibility and ownership restrictions similar to HDB's public housing flats, but will be converted to private housing after 10 years.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Li: Expects the 99-year leasehold Sembawang plot to fetch $280-310 psf ppr
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