According to the Singapore Population Census 2010, only 5.6% of resident households live in landed property. While it makes up a small percentage of the housing market, developers appear to be casting a keener eye on land suitable for landed properties due to its scarcity. Hoi Hup just inked a private treaty purchase to pay $159m for the 1.2ha freehold condo estate known as Whitley Heights, which has been rezoned for landed homes. The 45 homeowners can expect between $3.3m and $3.8m each. The land cost works out to $1,222 psf and Hoi Hup can build up to 80 strata-terrace homes or about 60 strata semi-detached houses. Their breakeven is likely to be around $1,500 psf.
Landed sites are rare under the Government Land Sales Programme, but a recent tender for a site in Serangoon Garden Way intended for landed homes had attracted 16 bids. The site was awarded to a City Developments Ltd and Hong Leong Holdings JV, whose bid of $105m worked out to a land cost of $343 psf. As landed properties remain as a scarce commodity, robust demand from developers and homebuyers should continue, especially when the non-landed property space gets more crowded. [/font]
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Originally Posted by kingkong1984
