reporter2
26-11-14, 15:24
http://www.straitstimes.com/archive/wednesday/premium/money/story/two-sites-yishun-and-sengkang-put-bidding-20141119
Two sites in Yishun and Sengkang put up for bidding
Plots on confirmed GLS list set to yield a total of about 700 homes
Published on Nov 19, 2014 1:30 AM
By Jacqueline Woo
DEVELOPERS are being invited to bid for two new sites, in Sengkang and Yishun, which are set to yield a total of about 700 homes.
The larger of the two is a 17,450 sq m executive condominium (EC) site in Anchorvale Crescent, while the other is a 9,760 sq m commercial-residential site in Yishun Avenue 4.
Both sites are on the confirmed list of the Government Land Sales (GLS) Programme for the second half of this year.
The EC site has a maximum gross floor area of 52,350 sq m, while the Yishun site's is 27,327 sq m. Both are 99-year leasehold.
The Yishun site is slated to be one of the first two GLS sites to adopt a new building method known as prefabricated prefinished volumetric construction, which involves rooms being built off-site and then stacked together as a building progresses.
The other is an EC in Canberra Drive in Sembawang.
Mr Nicholas Mak, executive director of research and consultancy at SLP International, said that the Yishun site is likely to draw a strong response from 11 to 18 bidders, with the top bid ranging from $750 to $816 per sq ft per plot ratio (psf ppr).
He noted that the smaller size of the Yishun site, compared with the other mixed-use sites under the GLS, makes it "more affordable" for small and medium-sized developers.
"In the increasingly competitive residential development market today, residential-cum-commercial developments that are reasonably priced are deemed to be a safer bet because they are more popular with home buyers and investors," said Mr Mak.
Mr Eugene Lim, key executive officer of ERA Realty, said that the sale of the site points to government efforts to rejuvenate Yishun - "an established housing estate that has somewhat become dated over all these years".
"The site's proximity to the Seletar Expressway and Tampines Expressway as well as the greenery in nearby parks will also help to make the development an attractive one," he said.
Mr Mak said the land parcel in Anchorvale Crescent is expected to draw four to eight bidders, with the winning bid ranging from $320 to $360 psf ppr.
But he added that the development could face competition as it is located in an area where an "ample supply" of ECs is yet to be launched.
These include Bellewaters, also in Anchorvale Crescent, and The Terrace in Punggol Drive.
The tenders for the two sites in Anchorvale Crescent and Yishun Avenue 4 will close on Dec 30 and Jan 15 respectively.
[email protected]
Two sites in Yishun and Sengkang put up for bidding
Plots on confirmed GLS list set to yield a total of about 700 homes
Published on Nov 19, 2014 1:30 AM
By Jacqueline Woo
DEVELOPERS are being invited to bid for two new sites, in Sengkang and Yishun, which are set to yield a total of about 700 homes.
The larger of the two is a 17,450 sq m executive condominium (EC) site in Anchorvale Crescent, while the other is a 9,760 sq m commercial-residential site in Yishun Avenue 4.
Both sites are on the confirmed list of the Government Land Sales (GLS) Programme for the second half of this year.
The EC site has a maximum gross floor area of 52,350 sq m, while the Yishun site's is 27,327 sq m. Both are 99-year leasehold.
The Yishun site is slated to be one of the first two GLS sites to adopt a new building method known as prefabricated prefinished volumetric construction, which involves rooms being built off-site and then stacked together as a building progresses.
The other is an EC in Canberra Drive in Sembawang.
Mr Nicholas Mak, executive director of research and consultancy at SLP International, said that the Yishun site is likely to draw a strong response from 11 to 18 bidders, with the top bid ranging from $750 to $816 per sq ft per plot ratio (psf ppr).
He noted that the smaller size of the Yishun site, compared with the other mixed-use sites under the GLS, makes it "more affordable" for small and medium-sized developers.
"In the increasingly competitive residential development market today, residential-cum-commercial developments that are reasonably priced are deemed to be a safer bet because they are more popular with home buyers and investors," said Mr Mak.
Mr Eugene Lim, key executive officer of ERA Realty, said that the sale of the site points to government efforts to rejuvenate Yishun - "an established housing estate that has somewhat become dated over all these years".
"The site's proximity to the Seletar Expressway and Tampines Expressway as well as the greenery in nearby parks will also help to make the development an attractive one," he said.
Mr Mak said the land parcel in Anchorvale Crescent is expected to draw four to eight bidders, with the winning bid ranging from $320 to $360 psf ppr.
But he added that the development could face competition as it is located in an area where an "ample supply" of ECs is yet to be launched.
These include Bellewaters, also in Anchorvale Crescent, and The Terrace in Punggol Drive.
The tenders for the two sites in Anchorvale Crescent and Yishun Avenue 4 will close on Dec 30 and Jan 15 respectively.
[email protected]