Friday, August 24, 2012

Govt launches 3 sites to yield 1600 homes

The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) have launched three 99-year leasehold sites for sale that are expected to yield 1,600 homes.

According to the URA, its two land parcels at New Upper Changi Road (Parcel A) and Prince Charles Crescent are slated for the development of condominiums and flats.
The 31,881.6 sq m site at New Upper Changi Road (Parcel A) could yield 540 units and offers an ideal location within an established housing estate close to transport links.

Png Poh Soon, Head of Research at Knight Frank Singapore, expects the site will attract between five to seven bids, with the winning bid ranging between S$550 and S$580 psf ppr.

The other plot at Prince Charles Crescent offers an area of 23,785.4 sq m and could be developed to yield 590 units. Additionally, the site is near Redhill MRT station, the CBD, Orchard Road and Marina Bay.

It is expected to attract six to eight bidders who could “build (a) high-end residential development at a prime location”, said Png, adding that the winning offer could range from S$720 to S$780 psf ppr.

Meanwhile, HDB launched the tender for an executive condominium (EC) site at Woodlands Avenue 6 / Woodlands Drive 16. With an area of 16,505 sq m, it could generate 465 homes.

Moderate interest is expected for this site, with around three to five bidders on the back of ample supply of EC sites in the second half. The winning bid could range from S$300 to $310 psf ppr, noted Png.

The site tenders will close on 20 September for Prince Charles Crescent, 9 October for Woodlands Avenue 6 / Woodlands Drive 16 and 16 October for New Upper Changi Road (Parcel A). Selection of the successful tenderer will be based on the tendered land price only. 

View the original article here

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