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Thread: Govt launches tenders for 3 housing sites

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    Default Govt launches tenders for 3 housing sites

    http://www.businesstimes.com.sg/sub/...39940,00.html?

    Published January 21, 2011

    Govt launches tenders for 3 housing sites

    All three plots are near MRT stations in Choa Chu Kang, Sengkang and Bishan

    By KALPANA RASHIWALA


    THE government yesterday launched tenders for three 99-year leasehold housing sites near Choa Chu Kang, Sengkang and Bishan MRT stations.

    This includes two plots on the confirmed list - an executive condo (EC) plot in Choa Chu Kang next to Mi Casa condo, and a private condo site near Sengkang MRT Station.

    The third parcel, near Bishan MRT Station, was triggered from the reserve list as announced on Jan 7.

    The EC plot at Choa Chu Kang Drive, which is near Choa Chu Kang MRT Station and Lot 1, can generate about 490 housing units. Cushman & Wakefield senior manager of Asia Pacific research Ong Kah Seng estimates top bids for the site at about $260-280 per square foot per plot ratio (psf ppr), translating to a breakeven cost of about $550-580 psf and average selling price in the $600-630 psf range.

    Credo Real Estate executive director Ong Teck Hui expects three to five bids with the highest in the $220-240 psf ppr band, reflecting average selling price expectations of about $610-620 psf.

    ECs are a hybrid of public and private housing with ownership and resale restrictions in the first 10 years.

    The Sengkang plot can be built into a private condo with about 530 units. Both consultants predict the top bid could come in at $350-380 psf ppr and a resulting breakeven cost of about $700-740 psf and average selling price in the $800 psf region.

    The calculation factors in the possibility of price softening; one MRT stop away, at Buangkok, units in The Quartz are selling at about $900 psf.

    The Sengkang plot launched yesterday is a stone's throw from the bustling Sengkang Town Centre, bus interchange, MRT/LRT stations and Compass Point mall.

    On January 7, the government announced that the Bishan plot had been triggered from the reserve list, following a successful application from an unnamed developer that had agreed to bid at least $189.83 million or $300 psf ppr.

    Credo's Mr Ong predicts six to 10 bids for the land parcel, with the highest offer around $550-580 psf ppr; this would result in a breakeven cost of about $950 psf and an average selling price of around $1,100 psf.

    Cushman's Mr Ong forecasts five to seven bids, with the top in the $450-480 psf ppr range and reflecting an average selling price expectation of about $920-950 psf.

    Market watchers expect developer interest for Government Land Sale sites to be cautious following the Jan 13 cooling measures, although overall economic fundamentals remain good.

    The tender for the Bishan site closes on Feb 24, followed by the Sengkang plot on March 15, and the Choa Chu Kang EC plot on March 22.

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    Default 3 leasehold residential sites up for tender

    http://www.straitstimes.com/Money/St...ry_626490.html

    Jan 21, 2011

    3 leasehold residential sites up for tender


    DEVELOPERS will have the chance to react to the new property cooling measures with three residential sites released today.

    The plots - in Bishan, Sengkang and Choa Chu Kang - could accommodate more than 1,600 units in total.

    They are 99-year leasehold sites and part of the government land sales (GLS) programme for the first half of this year.

    Cushman & Wakefield's senior manager for Asia-Pacific research, Mr Ong Kah Seng, said that while developers' interest in GLS sites is likely to remain cautious, the three plots will still attract bidders interested in centrally located land.

    The sites could also attract the attention of developers looking to stock up their land banks, said Mr Ong.

    The condominium plot, in Bishan Street 14, was first made available under the reserve list in November 2007.

    The tender process for the land was finally triggered after a developer committed to a bid of $189.8 million on Jan7.

    The plot is near the Bishan MRT station and bus interchange. It has a maximum gross floor area (GFA) of 5.9ha and can yield about 650 units.

    Mr Ong estimated that bids could hit $303 million or $480 per square foot (psf) per plot ratio (ppr).

    Tenders close on Feb 24.

    The other condominium site is at the corner of Sengkang Square and Compassvale Road and near the Sengkang town centre. The 1.77ha plot has a maximum permissible GFA of 5.31ha and can accommodate 530 units.

    The tender will close on March 15, with Mr Ong estimating it could fetch a maximum of $217 million based on a psf ppr value of $380.

    The 1.8ha plot in Choa Chu Kang Road is designated for an executive condominium, and can house an estimated 490 units. The tender closes on March 22 with a four-year deadline for completion.

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    http://www.todayonline.com/Business/...nched-for-sale

    Three GLS sites launched for sale

    05:55 AM Jan 21, 2011


    SINGAPORE - The Housing and Development Board is launching today the tender for three 99-year leasehold residential sites under the Government Land Sales Programme for the first half of this year.

    The first site, at Bishan Street 14, has an area of almost 12,000 sq m and can potentially yield 650 dwelling units. The site is located near Bishan MRT Station and Junction 8 Shopping Mall, Raffles Institution and Catholic High School.

    The land parcel under the Reserve List has been put up for tender after a developer committed to bid at least $189.8 million. The tender will close on Feb 24.

    The second site, located along Sengkang Square and Compassvale Road, has an area of 17,700 sq m and can potentially yield 530 dwelling units. The site is located near Compass Point shopping mall, Sengkang Community Club and the Tampines Expressway. The tender will close on March 15.

    The third land parcel is located at Choa Chu Kang Drive and has an area of 17,589.8 sq m with a potential yield of 490 dwelling units. The site is located near Lot 1 shopping mall, Yew Tee Square and Choa Chu Kang Stadium. This tender will close on March 22.

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