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Thread: Govt offers three 99-year residential sites for sale

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    Default Govt offers three 99-year residential sites for sale

    http://www.businesstimes.com.sg/sub/...32515,00.html?

    Published March 30, 2011

    Govt offers three 99-year residential sites for sale

    Plots in Pasir Ris, Sembawang and Sengkang may yield 1,500 homes in all

    By EMILYN YAP


    THE government has put three residential sites, which can together yield some 1,500 homes, up for tender.

    All three are on the confirmed list, have a 99-year lease, and are next to state land parcels that were sold last year.

    Predictions of developer demand were mixed - consultants' takes ranged from the mildly upbeat to the slightly sceptical. Interest in the sites should be 'overall positive', said Cushman & Wakefield senior manager for Asia Pacific research Ong Kah Seng.

    But Credo Real Estate executive director Ong Teck Hui thought that the latest plots are 'more mediocre', with less attractive locations compared with those put up for sale earlier. 'The current sites are not very near MRT stations so I'd expect (fewer tenders) and lower tender bids for them,' he said.

    The Urban Redevelopment Authority (URA) yesterday rolled out a plot at the junction of Jalan Loyang Besar and Pasir Ris Drive 4. It has a maximum permissible gross floor area (GFA) of around 610,000 square feet and can accommodate some 580 units.

    The site is near Pasir Ris Park, but is some distance from Pasir Ris MRT station. It is adjacent to a plot that Frasers Centrepoint and Far East Organization bought in October last year for $335 per square foot per plot ratio (psf ppr).

    The tender closes on May 10. Analysts expect the top bid to come in at $336-$430 psf ppr.

    CBRE Research executive director Li Hiaw Ho said that units at NV Residences nearby are marketed at $820-$880 psf. Based on these price levels, the latest site should fetch $336-$377 psf ppr, he said.

    URA also launched a plot at the junction of Sembawang Road and Jalan Sendudok. It has a maximum permissible GFA of around 416,900 sq ft and can be developed into a condominium or a strata landed housing project. A developer that opts for the former can potentially build 390 units.

    The site is next to Sembawang Shopping Centre and the recently launched Canberra Residences. MCC Land had won the tender for the condominium site last year for $387 psf ppr.

    The tender for the latest site closes on May 26. Consultants predict a top bid of $340-$410 psf ppr.

    The Housing and Development Board is putting the third land parcel at Buangkok Drive/Sengkang East Drive up for tender starting today. It has a maximum GFA of around 631,300 sq ft and can yield an estimated 550 units.

    The site is beside Austville Residences, developed by a tie-up between United Engineers and Lee Metal Group. They won the tender for the executive condominium site last year for $321 psf ppr.

    The tender for this site closes on June 2. Consultants expect the top bid to be in the range of $320-$450 psf ppr.

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    http://www.straitstimes.com/Money/St...ry_650914.html

    Mar 30, 2011

    3 plots of land yielding 1,500 homes on sale

    99-year leasehold sites in Pasir Ris, Sembawang and Sengkang East to be sold under govt scheme

    By Cheryl Lim


    THREE pieces of state land - in Pasir Ris, Sembawang and Sengkang East - which could yield as many as 1,500 homes, are on sale.

    The 99-year leasehold sites are on the confirmed list of the Government Land Sales (GLS) programme for the first half of the year.

    The first site is a 2.7ha parcel at the intersection of Jalan Loyang Besar and Pasir Ris Drive 4, which has a gross floor area (GFA) of 610,023 sq ft and can yield about 580 units.

    It is near the Pasir Ris MRT station and bus interchange. Pasir Ris Park is also nearby. Property watchers predict that the site could see up to six bids. CBRE Research estimates it could be sold for up to $230 million.

    Units at the nearby JLB Residences sold for an average of $876 per sq ft (psf) in January.

    For the next site, a 2.8ha plot at the junction of Sembawang Road and Jalan Sendudok, a future development there can be built to a height of five storeys, with a GFA of 416,940 sq ft, and accommodate about 390 units.

    Developers can choose between building apartments or strata-titled landed housing.

    The site is near Sembawang MRT station and Sun Plaza, and adjacent to Sembawang Shopping Centre.

    Analysts expect a maximum of seven developers to bid for the site, based on the previous receptions of nearby GLS sites.

    The site for Canberra Residences, which is closer to Sembawang MRT station, fetched $131.7 million, while another bigger condominium site at the junction of Yishun Avenue 2 and Yishun Avenue 7 was sold for $229.4 million. Both sites were awarded in June last year.

    Mr Li Hiaw Ho, CBRE Research's executive director, said: 'Therefore, we expect that the subject site will fetch between $154 million and $165 million.'

    Tenders for this site and the Jalan Loyang Besar one close on May 10.

    A site at the corner of Sengkang East Drive and Buangkok Drive is also on sale.

    It has an area of 210,426 sq ft and is zoned for an executive condominium. An estimated 550 units can be built.

    Knight Frank estimates the plot could attract up to six bids, with a top bid of around $240 million. The tender for the site closes on June 2.

    Separately, a 60-year leasehold industrial site on Ang Mo Kio Street 62 has attracted 13 bids, with Sim Lian Development placing the highest bid of $128.1 million.

    This bid translates to $170 psf per plot ratio, and is 1.9 per cent higher than the second-highest bid of $125.8 million, submitted by a Qinghe and Qingdao Construction consortium.

    CBRE noted that the parcel, which has a maximum GFA of 752,210 sq ft, is the first industrial land tender under this year's GLS programme to close, and is also the first industrial site in Ang Mo Kio to be launched for tender in the last 10 years.

    Mr Li added that the site is located near Yio Chu Kang MRT station, connecting it to the rest of the island, and that the nearby Ang Mo Kio Town Centre would also provide amenities for the workers.

    [email protected]

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    I think that sengkang site is for private condo, not EC..

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    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...32515,00.html?

    Published March 30, 2011

    Govt offers three 99-year residential sites for sale

    Plots in Pasir Ris, Sembawang and Sengkang may yield 1,500 homes in all

    By EMILYN YAP


    THE government has put three residential sites, which can together yield some 1,500 homes, up for tender.

    All three are on the confirmed list, have a 99-year lease, and are next to state land parcels that were sold last year.

    Predictions of developer demand were mixed - consultants' takes ranged from the mildly upbeat to the slightly sceptical. Interest in the sites should be 'overall positive', said Cushman & Wakefield senior manager for Asia Pacific research Ong Kah Seng.

    But Credo Real Estate executive director Ong Teck Hui thought that the latest plots are 'more mediocre', with less attractive locations compared with those put up for sale earlier. 'The current sites are not very near MRT stations so I'd expect (fewer tenders) and lower tender bids for them,' he said.

    The Urban Redevelopment Authority (URA) yesterday rolled out a plot at the junction of Jalan Loyang Besar and Pasir Ris Drive 4. It has a maximum permissible gross floor area (GFA) of around 610,000 square feet and can accommodate some 580 units.

    The site is near Pasir Ris Park, but is some distance from Pasir Ris MRT station. It is adjacent to a plot that Frasers Centrepoint and Far East Organization bought in October last year for $335 per square foot per plot ratio (psf ppr).

    The tender closes on May 10. Analysts expect the top bid to come in at $336-$430 psf ppr.

    CBRE Research executive director Li Hiaw Ho said that units at NV Residences nearby are marketed at $820-$880 psf. Based on these price levels, the latest site should fetch $336-$377 psf ppr, he said.

    URA also launched a plot at the junction of Sembawang Road and Jalan Sendudok. It has a maximum permissible GFA of around 416,900 sq ft and can be developed into a condominium or a strata landed housing project. A developer that opts for the former can potentially build 390 units.

    The site is next to Sembawang Shopping Centre and the recently launched Canberra Residences. MCC Land had won the tender for the condominium site last year for $387 psf ppr.

    The tender for the latest site closes on May 26. Consultants predict a top bid of $340-$410 psf ppr.

    The Housing and Development Board is putting the third land parcel at Buangkok Drive/Sengkang East Drive up for tender starting today. It has a maximum GFA of around 631,300 sq ft and can yield an estimated 550 units.

    The site is beside Austville Residences, developed by a tie-up between United Engineers and Lee Metal Group. They won the tender for the executive condominium site last year for $321 psf ppr.

    The tender for this site closes on June 2. Consultants expect the top bid to be in the range of $320-$450 psf ppr.
    now any land can expect bid averagely above $400psf. last year when lakeside and simei land bidded around $500psf, everyone said crazy price. if these 2 piece of land are to put on sale now, probably can fetch $600psf?

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    Min land bid >300 psf.
    Avg 500 psf
    Top 700 psf
    Land is gold

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    Quote Originally Posted by linchong84
    I think that sengkang site is for private condo, not EC..
    Austville already not selling well and they are pushing another site besides it. This is the least ideal site as most further away from the amenities in that area... maybe some of the units will have river view?

    afraid it willl cause an oversupply in this area. no.4 in the same stretch of road. The only difference is that this is a fully pte ones. the other 3 are all ECs.

    Across the Punngol Park, there are 2 more developments, with another one upcoming... 7 developments surrounding this park! well done!

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    Quote Originally Posted by fooblackie
    Austville already not selling well and they are pushing another site besides it. This is the least ideal site as most further away from the amenities in that area... maybe some of the units will have river view?

    afraid it willl cause an oversupply in this area. no.4 in the same stretch of road. The only difference is that this is a fully pte ones. the other 3 are all ECs.

    Across the Punngol Park, there are 2 more developments, with another one upcoming... 7 developments surrounding this park! well done!
    They have been talking about punggol 21 since 1990s and only after 20 years things are beaming in this place... if no proper checks, in another 20 years, it'll be overcrowded and not so nice anymore... sigh!

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    Quote Originally Posted by ysyap
    They have been talking about punggol 21 since 1990s and only after 20 years things are beaming in this place... if no proper checks, in another 20 years, it'll be overcrowded and not so nice anymore... sigh!
    sorry, this site is in Seng kang... not punngol

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    If H20 residences can sell for 920psf, this one can do a 900 psf, 20 psf discount for no lrt.

    Maybe some from the existing ECs (or ECs turn private) won't mind trading in their 3 or 4 bedder for a MM or 1 and 2 bedder in this development.

    Quote Originally Posted by fooblackie
    sorry, this site is in Seng kang... not punngol

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    Quote Originally Posted by fooblackie
    sorry, this site is in Seng kang... not punngol
    I know but Seng Kang was included in Punggol 21. Then the whole area was piped to be done up with so much promises.... Anything beyond Hougang was part of Punggol 21 then...

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    Quote Originally Posted by ysyap
    I know but Seng Kang was included in Punggol 21. Then the whole area was piped to be done up with so much promises.... Anything beyond Hougang was part of Punggol 21 then...
    Some of the units in that site should have some river view of the sungei serangoon. This site also has LRT, around 200-300m walk to Kangkar LRT. Anyway since the tender will close in Jun, likelihood it will only be launched around Mar next year, but then it will be one plus year since the launch of the ECs. Should have some fresh blood and demand. Land bid should be around 400 psf?

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    Quote Originally Posted by fooblackie
    Austville already not selling well and they are pushing another site besides it. This is the least ideal site as most further away from the amenities in that area... maybe some of the units will have river view?

    afraid it willl cause an oversupply in this area. no.4 in the same stretch of road. The only difference is that this is a fully pte ones. the other 3 are all ECs.

    Across the Punngol Park, there are 2 more developments, with another one upcoming... 7 developments surrounding this park! well done!
    One of the 3 has become a full private condo 8 months ago lah.

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    Quote Originally Posted by linchong84
    Some of the units in that site should have some river view of the sungei serangoon. This site also has LRT, around 200-300m walk to Kangkar LRT. Anyway since the tender will close in Jun, likelihood it will only be launched around Mar next year, but then it will be one plus year since the launch of the ECs. Should have some fresh blood and demand. Land bid should be around 400 psf?
    200 - 300m? you sure? at least 5-7 min walk... to the LRT station.

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    Quote Originally Posted by fooblackie
    Austville already not selling well and they are pushing another site besides it. This is the least ideal site as most further away from the amenities in that area... maybe some of the units will have river view?

    afraid it willl cause an oversupply in this area. no.4 in the same stretch of road. The only difference is that this is a fully pte ones. the other 3 are all ECs.

    Across the Punngol Park, there are 2 more developments, with another one upcoming... 7 developments surrounding this park! well done!
    What is the sales figure like for Austville? I thought that Punggol would have quite a number of upgraders. Since they bought directly from HDB more than 5 years ago, they can make more than $200k profits now.

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    Quote Originally Posted by Fleur
    What is the sales figure like for Austville? I thought that Punggol would have quite a number of upgraders. Since they bought directly from HDB more than 5 years ago, they can make more than $200k profits now.
    What's the point of the 200k profit if they buy the EC at 500k more than they bought their HDB? They'll borrow more and so have a bigger monthly commitment now after they upgrade. If earlier they service mortgage loan at about $1500/month, now maybe $2500/month when interest is still low then maybe $3000/month when interest rates climb... . The extent people will go to enjoy condo living...

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    That site is near Punggol Park but it is in Sengkang. Just like Tiong Bahru Bao is not in Tiong Bahru. So stop referring it as Punggol. If punggol residents want to upgrade, most prob they would buy some EC or soon to be launched PC in Punggol. I think that site will attract Hougang and Sengkang upgraders cos it sits on the border of HG and SK.

    Anyway there is nothing wrong if people want to upgrade to EC or PC. Humans are like that, they got money so they want to spend, what for save and save and bring it to coffin? If everybody contented with basic stuff, then Merc, BMW, Audi all can close shop liao..

    That site is indeed around 300m away from Kangkar LRT. Depending on individual's walking speed, maybe 3-5 min walk. Considering this is in the more developed Sengkang East where the LRT loop is shorter and goes 2-ways, going to Sengkang MRT will be quite fast, unlike the other west loop which H2O reside.

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    Quote Originally Posted by linchong84
    That site is near Punggol Park but it is in Sengkang. Just like Tiong Bahru Bao is not in Tiong Bahru. So stop referring it as Punggol. If punggol residents want to upgrade, most prob they would buy some EC or soon to be launched PC in Punggol. I think that site will attract Hougang and Sengkang upgraders cos it sits on the border of HG and SK.

    Anyway there is nothing wrong if people want to upgrade to EC or PC. Humans are like that, they got money so they want to spend, what for save and save and bring it to coffin? If everybody contented with basic stuff, then Merc, BMW, Audi all can close shop liao..

    That site is indeed around 300m away from Kangkar LRT. Depending on individual's walking speed, maybe 3-5 min walk. Considering this is in the more developed Sengkang East where the LRT loop is shorter and goes 2-ways, going to Sengkang MRT will be quite fast, unlike the other west loop which H2O reside.
    .

    Austville will be closer to the Kangar LRT than this. The walking distance from this location to Kangar LRT will probably be same as Park Green (using the backgate). It definitely feels like > 400m. I walked from Park Green to Kangar LRT very often cos I stayed there. It took me on average 7-10 min. that's why i said cant be 3-5 min walk. For Austville to this Kangar, I think 5 min is barely enough.

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    Overflooded with Govt land sales already liao. So sian. Even more sian if developers keep on bidding high prices for them.

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    Quote Originally Posted by fooblackie
    .

    Austville will be closer to the Kangar LRT than this. The walking distance from this location to Kangar LRT will probably be same as Park Green (using the backgate). It definitely feels like > 400m. I walked from Park Green to Kangar LRT very often cos I stayed there. It took me on average 7-10 min. that's why i said cant be 3-5 min walk. For Austville to this Kangar, I think 5 min is barely enough.

    Thats why i say walking time is really up to individual walking speed, maybe i still young so walk faster? Haha.. From google map, the direct distance is around 250m. But if assume have to walk on roads and cant cut thru HDB, then it should be around 300m. Honestly even if you slowly walk 300m, should be around 5 min lah.. As long as they have a gate facing sengkang east way, shouldn't be that big a problem.. Austville to the LRT definitely not 5 min, I walk before, dun kua zhang lah. Unless every 3 steps u walk forward, you walk 1 step backward. Anyway drop the walking distance topic.. Austville land bid is 320psf, H2O 360-370psf. Keppel new bidded site 503psf. This plot leh? Does 400 sound reasonable given today's hot land bidding market?

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    Quote Originally Posted by ysyap
    What's the point of the 200k profit if they buy the EC at 500k more than they bought their HDB? They'll borrow more and so have a bigger monthly commitment now after they upgrade. If earlier they service mortgage loan at about $1500/month, now maybe $2500/month when interest is still low then maybe $3000/month when interest rates climb... . The extent people will go to enjoy condo living...
    Ah.. but then, they have additional $200K cash on hand. Cash is King!

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    Quote Originally Posted by chiaberry
    Overflooded with Govt land sales already liao. So sian. Even more sian if developers keep on bidding high prices for them.
    Govt release more land to increase supply in an attempt to keep prices in check. Developers keep bidding at ever higher prices. The sky high bids boost the exuberance and surrounding HDB and Condos and new launches increase their prices. What an irony.

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