Tuesday, July 24, 2012

Two residential sites launched to yield 950 homes

The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) have jointly launched the public tender for two 99-year leasehold residential sites at Dairy Farm Road and Punggol Way/Punggol Walk (pictured).

Estimated to yield a total of 950 homes, the sites were made available under the confirmed list of the Government Land Sales (GLS) Programme for 2H2012.

The first site at Dairy Farm Road measures 17,545.8 sq m and is slated for the development of condominiums or flats. Aside from enjoying accessibility via the BKE and PIE, it is also near the upcoming Hillview MRT station on Downtown Line 2.

Png Poh Soon, Head of Research at Knight Frank Singapore, expects the site to attract four to six bidders, with the winning bid ranging from S$550 to S$590 psf ppr. This translates to a selling price of between S$1,150 and S$1,200 psf.

“However, we expect interest for this site to be moderate with up to six bidders, given the existing unsold inventory of about 1,070 units from the nearby developments in the Hillview and Chestnut Avenue areas,” said Png.

Meanwhile, the 56,243.4 sq m land parcel at Punggol Way/Punggol Walk could house around 560 executive condominiums (ECs). Sited near Punggol Promenade, the site is accessible via the TPE.

Png anticipates a total of eight to 10 bidders for the site, with the winning bid hovering at around S$310 and S$320 psf ppr. As for the selling price, it is expected to be around S$740 to S$760 psf.

With its ideal location, Png said that “there could be strong interest for this EC site”.

“Demand for EC units is expected to remain healthy as this market segment serves the sandwich class of home buyers,” he added.

The tenders will end on 4 and 11 September for the Punggol Way/Punggol Walk and Dairy Farm Road sites respectively.

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