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Thread: Govt puts up prime Bishan residential site for sale

  1. #1
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    Default Govt puts up prime Bishan residential site for sale

    http://www.straitstimes.com/premium/...-sale-20121016

    Govt puts up prime Bishan residential site for sale

    Plot is among 5 sites in major rollout this month that may yield 2,880 units

    Published on Oct 16, 2012

    By Melissa Tan


    A RESIDENTIAL site right next to Bishan MRT station and Sky Habitat condominium is being put on sale by the Government as part of a major rollout of new plots.

    The land, along with four other private residential and executive condominium (EC) sites in Punggol, Tampines and Sembawang, will be released this month.

    The five, all on 99-year leases, may yield a bumper crop of 2,880 homes in all, the Housing Board said in a statement yesterday.

    This is the highest number of units released in one month on record, said Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group.

    The second highest was 2,380 units, in April this year.

    However, two of the sites may not formally go on tender, depending on initial developer interest.

    The HDB yesterday launched the Bishan Street 14 residential site and an EC site in Punggol East. Both are on the confirmed list for the second half-year.

    The Bishan site, slated for condo development, is 11,227.8 sq m, and could yield 645 units.

    Analysts said the number of bids for this site could range from five to 15, with a bid price between $720 per sq ft per plot ratio (psf ppr) and $870 psf ppr.

    Mr Lee noted that CapitaLand bought the adjacent site, where Sky Habitat is located, in February last year for $869 psf ppr, 27.2 per cent higher than the second-highest bid.

    The fact that 19 developers vied for that site "attests to the popularity of Bishan", he said.

    Savills research head Alan Cheong said "all eyes will be watching if CapitaLand will put in a bid to defend its Sky Habitat", where 131 out of the 180 units launched so far have been sold.

    Sky Habitat was launched at around $1,700 psf, in what was seen as a benchmark for city-fringe new condos.

    Two other residential sites were released in Tampines by the Urban Redevelopment Authority yesterday.

    One is 22,190.8 sq m, and could yield 680 units. The other is 15,660.4 sq m, and could yield 470 units.

    These two sites were released under the reserve list. Unlike those on the confirmed list, reserve list sites go on sale only when a developer agrees to bid a minimum sum acceptable to the Government.

    R'ST Research director Ong Kah Seng said it was "quite unlikely that either of the two sites will be triggered in the coming months", and noted that an adjacent land parcel was also available on the reserve list, but had yet to be triggered.

    If the two Tampines sites are triggered for tender, analysts said that they would expect between three and seven bids, and a price range of $300 to $460 psf ppr, for both.

    The EC site in Punggol East, launched yesterday, is 14,307 sq m, and could yield 435 units. It is right next to the recently launched condo Flo Residence.

    Analysts said that three to eight bids could come in, with prices from $270 to $329 psf ppr.

    "Demand for ECs should continue to be healthy... But take-up of ECs might be slower, as there are more options in the market for buyers to consider," Dennis Wee Group's Mr Lee said.

    Another EC site on Sembawang Crescent will be launched for tender under the confirmed list on Oct 30.

    The 21,717 sq m site could yield 650 units. Analysts said that this could attract three to seven bids at prices from $250 to $330 psf ppr.

    Said SLP International research head Nicholas Mak: "As there is no other new EC project in the vicinity of this site, it could attract some interest from developers."

    The Bishan site's tender closes on Nov 29 and the tender for the Punggol site closes on Dec 6.

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    Last edited by reporter2; 16-10-12 at 13:40.

  2. #2
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    The expert forgot to mention that Sky Habitat is not selling too well and now got new supply of 700 units beside, even more competition for the buyer pool.

  3. #3
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    Quote Originally Posted by Wild Falcon
    The expert forgot to mention that Sky Habitat is not selling too well and now got new supply of 700 units beside, even more competition for the buyer pool.
    either capitaland kills the competition, or they let the competition continue to eat away their sales. heh.

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