Tuesday, October 02, 2012

Govt releases 3 sites to yield 1375 homes

The government has released three residential sites that could yield around 1,375 homes providing more choices for home buyers, according to the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB).

Launched for sale under the confirmed list, two sites slated for executive condominium (EC) developments will be located at Sengkang West Way / Fernvale Link (Parcel B) and Pasir Ris Drive 3 / Pasir Ris Rise. The other site at Alexandra View (Parcel B) was made available under the reserve list.

With a land area of 14,100.8 sq m and offered under a 99-year lease term, the site at Sengkang could accommodate around 420 ECs.
It enjoys close proximity to Layar LRT station and the upcoming Seletar Mall, as well as to dining, shopping and educational amenities.

“More activities are expected in this area over the next one to two years upon completion of the nearby HDB estates, H20 Residences and other facilities,” said Png Poh Soon, Head of Research at Knight Frank Singapore.

He expects around five to seven bidders for the site with a top bid of around S$295 to S$310 psf ppr which could translate to a selling price of between S$720 and S$750 psf.

The site’s tender will close on 8 November.

Meanwhile, the other 99-year leasehold site in Pasir Ris is 27,660 sq m and could yield 580 ECs.

The site is served by an efficient transport network and is within walking distance to Pasir Ris MRT station and Pasir Ris Bus Interchange. It is also close to schools and lifestyle offerings.

Available for sale until 22 November, the site and could draw “cautious bids” of between five to seven bidders with a winning bid of between S$295 to S$305 psf ppr and an expected selling price of S$740 to S$750 psf, said Png.

As for the 99-year leasehold site at Alexandra View, it has a land area of 6,501.5 sq m. It could house up to 375 dwelling units and is close to the CBD, Marina Bay and Orchard Road and is accessible via the nearby Redhill MRT station.

Png expects bids for the plot “to be competitive as developers seek well-located sites in the central region”.

There will likely be four to six bidders with an expected winning bid of S$900 to S$930 psf ppr, while the expected selling price will range between S$1,680 and S$1,750 psf. 

Image: Location plan of the land parcel at Alexandra View (Parcel B).

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