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24-06-12, 01:06
http://www.businesstimes.com.sg/archive/tuesday/specials/property/tanah-merah-bright-hill-sites-launched-yield-820-homes
Published June 21, 2012
Tanah Merah, Bright Hill sites launched to yield 820 homes
Bids of $500-$600 psf ppr seen for first plot, $550-$620 psf ppr for second
By Mindy Tan
TWO residential sites, expected to yield up to 820 housing units, were launched for sale by public tender by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) yesterday.
The first site, a 99-year leasehold plot located on Tanah Merah Kechil Road, has a site area of about 150,678.5 square feet and a maximum gross floor area (GFA) of 421,901.8 sq ft. It can house around 415 homes.
According to Png Poh Soon, director, valuation and head, consultancy and research at Knight Frank, the site could attract five to seven bidders, with the winning bid ranging from $550 to $580 per square foot per plot ratio (psf ppr). This translates to an average selling price of $1,100-$1,150 psf.
"We expect developers to be less aggressive in bidding for this site since there will be more land supply for this neighbourhood under the 2H 2012 GLS (Government Land Sales) programme, including the two residential sites at New Upper Changi Road/Bedok Road (Parcel A) under the Confirmed List and New Upper Changi Road/Bedok South Avenue 3 (Parcel B) under the Reserve List," said Mr Png.
ERA Realty's key executive officer, Eugene Lim, expects the site to fetch an estimated bid price of $500-$600 psf ppr, assuming a selling price of $1,000-$1,300 psf, based on current subsales in the locality.
Given its proximity to Tanah Merah MRT station, he expects six to eight bidders for the site.
Said DWG's senior manager of research and consultancy, Lee Sze Teck: "The estimated land price is between $550 and $600 psf ppr and could see up to eight bidders."
Tender for the site will close at 12 noon, on July 31.
The second site, a 99-year leasehold plot located at Bright Hill Drive, has a site area of about 144,635.6 sq ft and a maximum GFA of 404,979.7 sq ft. It is expected to yield about 405 homes.
Knight Frank's Mr Png said the site could attract three to five bidders, with the winning bid between $580 and $620 psf ppr, which translates to an average selling price of $1,250-$1,300 psf.
"With the right orientation, the future condominium development can enjoy the unblocked view of the MacRitchie Reservoir and the neighbouring landed housing estates, such as Adelphi Park Estate, Windsor Estate and Soo Chow Garden," he said.
Said ERA's Mr Lim: "We expect a moderate number of bidders (four to six) for this site, due to the fact that the site is irregular and may pose challenges in terms of design. Bid price may be $550-$600 psf ppr, assuming an eventual selling price of between $1,100 and $1,250 psf."
DWG's Mr Lee said estimated bids for the site could be between $550 and $600 psf ppr, and attract between six and eight bidders.
"There could be pent-up demand in the area as there have not been new project launches for many years. Thomson Grand, which is nearer to Bishan, is 100 per cent sold as of April 2012 at a median price of $1,300 psf," he added.
The tender for the site will close at 12 noon on Aug 7.
The two plots, which are under the confirmed list for the first half of the year under the GLS programme, are part of a total of 7,000 residential units to be launched for sale under the GLS programme for the first half of 2012.
Published June 21, 2012
Tanah Merah, Bright Hill sites launched to yield 820 homes
Bids of $500-$600 psf ppr seen for first plot, $550-$620 psf ppr for second
By Mindy Tan
TWO residential sites, expected to yield up to 820 housing units, were launched for sale by public tender by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) yesterday.
The first site, a 99-year leasehold plot located on Tanah Merah Kechil Road, has a site area of about 150,678.5 square feet and a maximum gross floor area (GFA) of 421,901.8 sq ft. It can house around 415 homes.
According to Png Poh Soon, director, valuation and head, consultancy and research at Knight Frank, the site could attract five to seven bidders, with the winning bid ranging from $550 to $580 per square foot per plot ratio (psf ppr). This translates to an average selling price of $1,100-$1,150 psf.
"We expect developers to be less aggressive in bidding for this site since there will be more land supply for this neighbourhood under the 2H 2012 GLS (Government Land Sales) programme, including the two residential sites at New Upper Changi Road/Bedok Road (Parcel A) under the Confirmed List and New Upper Changi Road/Bedok South Avenue 3 (Parcel B) under the Reserve List," said Mr Png.
ERA Realty's key executive officer, Eugene Lim, expects the site to fetch an estimated bid price of $500-$600 psf ppr, assuming a selling price of $1,000-$1,300 psf, based on current subsales in the locality.
Given its proximity to Tanah Merah MRT station, he expects six to eight bidders for the site.
Said DWG's senior manager of research and consultancy, Lee Sze Teck: "The estimated land price is between $550 and $600 psf ppr and could see up to eight bidders."
Tender for the site will close at 12 noon, on July 31.
The second site, a 99-year leasehold plot located at Bright Hill Drive, has a site area of about 144,635.6 sq ft and a maximum GFA of 404,979.7 sq ft. It is expected to yield about 405 homes.
Knight Frank's Mr Png said the site could attract three to five bidders, with the winning bid between $580 and $620 psf ppr, which translates to an average selling price of $1,250-$1,300 psf.
"With the right orientation, the future condominium development can enjoy the unblocked view of the MacRitchie Reservoir and the neighbouring landed housing estates, such as Adelphi Park Estate, Windsor Estate and Soo Chow Garden," he said.
Said ERA's Mr Lim: "We expect a moderate number of bidders (four to six) for this site, due to the fact that the site is irregular and may pose challenges in terms of design. Bid price may be $550-$600 psf ppr, assuming an eventual selling price of between $1,100 and $1,250 psf."
DWG's Mr Lee said estimated bids for the site could be between $550 and $600 psf ppr, and attract between six and eight bidders.
"There could be pent-up demand in the area as there have not been new project launches for many years. Thomson Grand, which is nearer to Bishan, is 100 per cent sold as of April 2012 at a median price of $1,300 psf," he added.
The tender for the site will close at 12 noon on Aug 7.
The two plots, which are under the confirmed list for the first half of the year under the GLS programme, are part of a total of 7,000 residential units to be launched for sale under the GLS programme for the first half of 2012.