Govt releases five sites under GLS

[reporter2]

http://www.businesstimes.com.sg/brea...r-gls-20130617

Published June 17, 2013

Govt releases five sites under GLS

By lee kim siang


THE Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) will be releasing three residential sites and two commercial and residential sites for sale in June 2013 under the Government Land Sales Programme (GLS) for the first half of 2013.

Together, these five sites can yield about 3,600 residential units. Two executive condominium sites at Punggol Drive and Yuan Ching Road are being launched for sale on June 17 under the confirmed list.

The residential site at Mount Sophia and a commercial and residential site at Yishun Central 1 will be launched for sale under the confirmed list on June 28, 2013.

The commercial and residential site at Meyappa Chettiar Road will be made available for application on the reserve list on the same day.

[reporter2]

http://www.straitstimes.com/premium/...homes-20130618

5 sites on sale can yield 3,600 homes

2 EC tenders to close on same day in bid to moderate bids

Published on Jun 18, 2013

By Cheryl Ong


FIVE government sites that could yield up to 3,600 homes in all were put up for sale yesterday with tenders for the two executive condominium (EC) sites closing on the same day next month.

The move by the Urban Redevelopment Authority (URA) to have the tenders for land with similar characteristics close together was revealed by The Straits Times in March.

The aim is to prevent the top tender for one site being used as a benchmark for a second similar or neighbouring site as it may lead to more aggressive bids.

The URA said back then: "Many have suggested that batching land tenders may help to moderate tender bids and hence subsequent property prices."

Apart from the EC sites in Punggol Drive and Yuan Ching Road, a private home plot in Mount Sophia that many residents had hoped would be preserved and two mixed-use parcels, at Yishun Avenue2 and Meyappa Chettiar Road, were released. All are on 99-year leases.

Four of the five sites are on the confirmed list of the Government Land Sales programme, while the land in Meyappa Chettiar Road is on the reserve list.

The tender results for the sites will be closely watched as "all are rather attractive with their special characteristics", said ERA Realty key executive officer Eugene Lim.

The 24,065 sqm EC site at Punggol Drive is expected to draw strong interest from developers due to its proximity to MyWaterway@Punggol.

R'ST Research director Ong Kah Seng noted: "EC buying interest in Punggol is highly supported by the waterway-living concept, and there will still be buyers who appreciate ECs here so long as they are priced attractively."

Experts expect five bids for the site, with the top one between $310 and $340 per sq ft per plot ratio (psf ppr), estimated Mr Ong.

That would price the site at up to $299 million. About 825 units can be built on the site, with sales prices expected at $700 to $740 psf.

The EC plot at Yuan Ching Road is on 20,213 sqm and also tipped to draw strong interest, with up to 10 bidders expected given the shortage of such sites in the Jurong area, said Ms Alice Tan, associate director and head of research at Knight Frank Singapore. The site could yield about 610 units.

Westmere, which received Temporary Occupation Permit status in 1999, was the last EC launched there, added OrangeTee's head of research and consultancy, Ms Christine Li.

Mr Lim also noted that the site is near facilities such as the JCube, Jem and Westgate malls in the upcoming Jurong Gateway commercial hub.

The top bid is tipped to come in at $320 to $350 psf ppr, with the selling price of the eventual development in the range of $730 to $780 psf.

Yesterday's land release included some plum spots on the private property front.

The Mount Sophia site, which appeals because of its central location, is expected to draw about 10 to 15 bids, said Ms Tan.

"(It) is located within a short walking distance of Dhoby Ghaut MRT Interchange and the newly-renovated Plaza Singapura," she noted.

The 23,771 sqm site, which can yield about 500 units, also has historical significance as it once accommodated the Methodist Girls' School (MGS) at 11 Mount Sophia, Trinity Theological College at 7 Mount Sophia and the Nan Hwa Girls' School.

Some had urged that the site remain as an arts enclave, while some MGS old girls wanted all the school buildings on the site to be conserved.

Developers are also expected to be keen on the 41,073 sqm mixed-use site at Yishun Avenue2, due to its location next to Yishun MRT station and Northpoint Shopping Centre.

"Mixed developments next to MRT stations are a proven success formula," noted Mr Lim, adding that upgraders from Housing Board flats in Yishun would be attracted to the new development.

Developers will be attracted to the mixed-use site at Meyappa Chettiar Road by its proximity to Potong Pasir MRT station and the nex and City Square malls.

Land on the reserve list is put up for tender once a developer makes an acceptable initial offer.

Mr Ong noted that projects in the area scheduled for completion over the next few years include Nin Residence, 18 Woodsville, Sant Ritz and Sennett Residence.

The commercial space that can be developed on the Meyappa Chettiar Road site will cater to the needs of the new residents, adding to the amenities in Potong Pasir, he said. The site can accommodate about 765 units.

Tenders close on July30 for both EC sites and on Aug7 for the Mount Sophia plot.

Bids for the Yishun Avenue2 site must be in by Sept5.

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[reporter2]

http://www.businesstimes.com.sg/prem...l-use-20130618

Published June 18, 2013

Govt releases five sites for houses, commercial use

The plots, two of which are for mixed use, can yield 3,600 private homes, ECs

By ong chor hao


[SINGAPORE] The government will release five 99-year-leasehold land parcels that can yield 3,600 private and executive condominium (EC) housing units, with two of the sites allowing for commercial development as well.

Four of the five sites come under the confirmed list of the Government Land Sales programme, the Housing & Development Board and the Urban Redevelopment Authority said.

They include two EC sites at Punggol Drive and Yuan Ching Road; these were launched for sale yesterday. The other two sites are a residential plot at Mount Sophia and a mixed-use commercial and residential plot at Yishun Central 1, and will be both put up for sale next Friday.

The fifth site, a commercial and residential site at Meyappa Chettiar Road in Potong Pasir, will be put on the reserve list next Friday.

"This release gives a good variety of land sites that includes ECs, residential and mixed developments," said Eugene Lim, key executive officer at ERA Realty.

The EC plot at Punggol Drive, next to Kadaloor LRT Station, has a maximum gross floor area (GFA) of 880,706 square feet and can yield 825 homes.

Consultants expect moderate interest as ECs remain popular and the plot has a waterfront view.

Christine Li, head of research and consultancy at OrangeTee, called it a "rare prime site" for an EC.

Anywhere from four to more than 10 bidders are expected, with a top bid of $300 to $570 per square foot per plot ratio (psf ppr). The selling price is expected from $700 to $1,000 per square foot (psf).

For the land parcel at Yuan Ching Road, which can result in 610 EC units, it has a maximum GFA of 652,715 sq ft.

Although the plot is not near an MRT station, most consultants expect strong interest due to its location in the Jurong Lake district and a lack of EC projects in the area in recent years.

They predicted five to 10 bidders with a top bid of $320 to $380 psf ppr, and a selling price of $730 to $850 psf.

But Ong Kah Seng, director at R'ST Research, thinks the "far flung" location may deter buyers. He expects just three bidders with a top offer of $280 to $320 psf ppr and a selling price of $680 to $710 psf.

Tenders for the two EC sites close on July 30, the same day as a Punggol Central EC plot launched in April; this is part of a trial to have several state tenders close on the same day to moderate bids and future prices.

Lee Lay Keng, head of Singapore research at DTZ, said this could have some effect as "there could be fewer bidders for each site as developers will have to weigh the different options and put in a bid for their most preferred choice".

ERA's Mr Lim said bigger players could benefit as their deeper pockets may allow them to pitch for more than one site.

For the residential plot at Mount Sophia, it has a maximum GFA of 382,420 sq ft and can yield about 500 private homes.

Analysts see strong demand as the land parcel is within walking distance from Dhoby Ghaut MRT Station and Plaza Singapura.

They foresee five to 15 bidders, with the winning bid at $1,000 to $1,300 psf ppr and the selling price of $1,800 to $2,200 psf.

Alice Tan, Knight Frank's head of research and consultancy, said the existing high-end residential market is "lukewarm" but the prime spot should mean strong take-up when the project is sold.

As for the mixed-use site at Yishun Central 1, which sits above the future Yishun bus interchange and is next to Yishun MRT station, the residential component can yield 890 units. The plot has a maximum GFA of about 1.33 million sq ft, with 359,084 sq ft set aside for commercial use.

It could see five to 15 bidders, with a highest bid of between $750 and $850 psf ppr and a selling price of $1,000 to $1,350 psf for the residences.

"Mixed developments next to MRT stations have been a proven success formula," said ERA's Mr Lim.

The Mount Sophia tender will close on Aug 27 and the Yishun Central 1 tender, on Sept 5.

The reserve list site at Meyappa Chettiar Road can yield about 765 units. It has a maximum GFA of 643,132 sq ft, of which a maximum of 53,820 sq ft can be used for commercial development.

Consultants expect the site to be triggered within the year due to its location next to Potong Pasir MRT Station, and that the commercial component will cater to new residents in the growing residential space in Potong Pasir.