HDB puts up Sengkang EC site for tender

[sleek]

HDB puts up Sengkang EC site for tender
By Mok Fei Fei | Posted: 01 April 2010 1427 hrs (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1047253/1/.html)
(http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1047253/1/.html)

(http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1047253/1/.html)


SINGAPORE : Another plot of land meant for Executive Condominiums (EC) will be put up for tender.

The Housing and Development Board (HDB) said on Thursday that it will launch the tender of the land parcel at Sengkang East Avenue and Buangkok Drive in two weeks.

The site, which was placed on the government's Reserve List System, has a 99-year-lease.

It has an area of about 17,000 square metres, which can yield an estimated 465 housing units.

Developers keen on the land parcel must put in a minimum offer of S$103.8 million.

So far this year, HDB has sold two EC sites in Jurong West and Yishun.

Another two EC sites in Jurong West and Punggol remain on the Reserve List for the first half of this year's Government Land Sales programme.

Just last month, National Development Minister Mah Bow Tan pledged to build more ECs, to cater to the housing needs of the sandwiched middle class.

- CNA/il

[sleek]

Sale Of Executive Condominium Housing Site: Land Parcel Sengkang E3 At Sengkang East Avenue / Buangkok Drive Under The Reserve List System (http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/362B4705149C9075482576F800052B44?OpenDocument)

Date issued : 01 Apr 2010

The Housing & Development Board (HDB) has accepted an application under the Reserve List System to put up a residential land parcel at Sengkang East Avenue / Buangkok Drive for public tender. HDB will launch the tender for the land parcel in about two weeks' time.

The details of the land parcel are as follows:Location Sengkang East Avenue / Buangkok Drive (http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/CORPORATE_PR_01042010_Sengkang%20location%20plan/$file/SK-N1+E3+Location+Plan_25Mar2010.jpg) http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/INFOWEBICON/$file/icon-image.gif (343KB)
Proposed Development Executive Condominium Housing
Site Area 17,001.3 sq m Max. Allowable GFA [GPR] 51,003.9 sq m [3.0] Estimated No. of Dwelling Units465
Project Completion Period 48 Months from the date of acceptance of tender Lease Term 99 years
Minimum Offer Price S$103,800,000

Under the Reserve List System, the Government will put up a Reserve List site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 3% of the bid price, to bid for the site at or above the minimum price which is acceptable to the Government.


Potential EC Supply

This year, the Government has successfully sold 2 EC sites in Sengkang and Yishun with a combined yield of about 900 units to-date. This site will add another 465 dwelling units, bringing the total to 1,365 EC units in 1st Half 2010.

Following the successful trigger of this Sengkang EC site, 2 EC sites in Jurong West and Punggol remain in the Reserve List of the 1H2010 GLS Programme. They can yield about 1,080 dwelling units. The Government will continue to monitor the EC market closely and more sites will be made available in the 2nd Half 2010 GLS Programme.

[Reporter]

The Rivervale EC plot is big - same as the school but double Park Green EC and this new EC site.

[2824]

Target: Sengkang upgraders.

But think the earlier EC site is better

[mr funny]

http://www.businesstimes.com.sg/sub/news/story/0,4574,379518-1270238340,00.html?

Published April 2, 2010

Another EC plot at Sengkang to be launched in 2 weeks


AN executive condominium (EC) site at the junction of Sengkang East Avenue and Buangkok Drive will go on sale in about two weeks - and is expected to be warmly received by developers.

The Housing & Development Board said yesterday it will release the site, which is on the government's reserve list. Sites on this list are released after a developer commits to bid at or above a minimum price acceptable to the state - in this case, $103.8 million or $189 per sq ft per plot ratio (psf ppr).

The site will be the third EC plot sold this year. It will add 465 units to the supply of public housing, taking EC supply to 1,365 units in first half of 2010. Two EC sites - at Sengkang and Yishun - with a combined yield of about 900 units have been sold already this year.

'Following the enthusiastic response from developers for the EC sites at Compassvale Bow and Yishun Avenue 11, it is no surprise a third site has been triggered,' said Li Hiaw Ho, executive director of CBRE Research.

PropNex chief executive Mohamed Ismail said that given the slowly growing gap between private property and HDB prices - the private property price index for Q1 2010 went up 5.1 per cent, while HDB's resale price index went up only 2.7 per cent - 'the time is right for the launch of more ECs to cater to the sandwiched class of those who may not qualify for an HDB flat yet are unable to afford a private property'.

Analysts expect the latest site to fetch between $200 and $300 psf ppr. The site is adjacent to Park Green EC and near The Rivervale and Florida ECs, where units were sold at $520 psf to $600 psf between October 2009 and February 2010.

'Developers should be able to break even around $500 psf after construction and other costs, and the selling price should be around $550-600 psf, which is about 25 per cent below mass market prices for similar private properties,' said Mr Ismail.

Eugene Lim, associate director of ERA Asia-Pacific, has a higher estimate - he expects the upcoming flats to be priced at $620-$680 psf.

[azeoprop]

"Developers should be able to break even around $500 psf after construction and other costs, and the selling price should be around $550-600 psf, which is about 25 per cent below mass market prices for similar private properties,' said Mr Ismail.

Eugene Lim, associate director of ERA Asia-Pacific, has a higher estimate - he expects the upcoming flats to be priced at $620-$680 psf."


And to think that it was only last year that this was the mass market condo pricing...:doh:

[marktkt22]

"Developers should be able to break even around $500 psf after construction and other costs, and the selling price should be around $550-600 psf, which is about 25 per cent below mass market prices for similar private properties,' said Mr Ismail.

Eugene Lim, associate director of ERA Asia-Pacific, has a higher estimate - he expects the upcoming flats to be priced at $620-$680 psf."


And to think that it was only last year that this was the mass market condo pricing...:doh:

Just curious, is DC /building cost driving up price, and not so much the land itself....the spike in ppty price seem to move in tandem with the commodity prices (which is driven by resources hungry emerging countries esp china)..?

[Allthepies]

Just curious, is DC /building cost driving up price, and not so much the land itself....the spike in ppty price seem to move in tandem with the commodity prices (which is driven by resources hungry emerging countries esp china)..?

it is greed and real demand =)

[maisonjai]

Just curious, is DC /building cost driving up price, and not so much the land itself....the spike in ppty price seem to move in tandem with the commodity prices (which is driven by resources hungry emerging countries esp china)..?

'market based pricing & not cost based pricing' does this sounds familiar? Now developers are selling at prices they think mkt can absorb, even if land or bldging cost are down, these are their gain.