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Thread: Govt offers 2 more sites

  1. #1
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    Default Govt offers 2 more sites

    http://www.straitstimes.com/archive/...sites-20140926

    Govt offers 2 more sites

    Mixed Upper Serangoon plot can offer 340 homes, Queenstown site, 645

    Published on Sep 26, 2014 1:13 AM

    By Rennie Whang


    TWO large development sites in Upper Serangoon and Queenstown - able to yield 1,000 homes in all - were released by the Government yesterday.

    A mixed residential-commercial plot in Upper Serangoon has been put up for tender as part of the confirmed list of the Government Land Sales (GLS) programme for the second half of this year.

    The Queenstown residential plot in Dundee Road has been made available on the reserve list, which means it will not go to tender unless a developer submits a bid acceptable to the Government.

    Experts expect stronger response from developers for the Upper Serangoon site. The roughly 10,000 sq m, 99-year leasehold site can be developed into a 340-unit project, with commercial units on the first storey.

    It is in an area with "abundant amenities" - with Kovan City and Heartland Mall, as well as Serangoon Junior College and Kovan MRT station, nearby, said Mr Ong Teck Hui, national director of research and consultancy at Jones Lang LaSalle.

    "The ability to have commercial units on the first storey will be an added attraction, although the strata retail market has also been slowing."

    The Upper Serangoon site is smaller than the commercial and residential zoned site in Meyappa Chettair Road, also in the Serangoon area, which was the subject of a 15-bid tender that concluded last month.

    "The quantum size may therefore be more digestible to developers," said Mr Steven Tan, managing director of OrangeTee.

    But potential bidders will have to be mindful that the development at the Meyappa Chettair site could be launched about the same time as this one, competing for the same group of buyers, said Mr Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants.

    Mr Mak added that the triangular shape of the 99-year leasehold site could make it challenging to develop, as is the fact that it fronts two busy roads, Upper Serangoon Road and Tampines Road.

    Experts expect about 10 bidders for the site, with a winning bid of between $650 and $750 per sq ft per plot ratio.

    But they are uncertain if interest in the 10,500 sq m Queenstown site, able to yield 645 units, will be strong enough to trigger a tender.

    Mr Tan said sufficient short-term supply from new launches in the vicinity - including Alexandra and Tiong Bahru - means that it is unlikely developers will be immediately interested.

    Apart from the challenging residential market, nearby Commonwealth Towers has more than 500 units unsold, experts noted.

    "The demand in the mid-tier property market has softened, compared with a year ago. This may deter developers from triggering the tender of this site," said Mr Mak.

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  2. #2
    Join Date
    Mar 2007
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    Default 2 sites released for sale to yield 1,000 homes

    http://www.businesstimes.com.sg/arch...homes-20140926

    Published September 26, 2014

    2 sites released for sale to yield 1,000 homes

    By Mindy Tan

    [email protected] @MindyTanBT


    THE Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) are releasing two sites under the H2 2014 Government Land Sales Programme.

    Jointly, they are expected to yield about 1,000 units.

    The first is a residential site, with its first storey allocated for commercial activity, located along Upper Serangoon Road. It is for sale under the Confirmed List and is expected to yield about 340 housing units.

    The 99-year leasehold plot has a site area of 10,097 square metres (108,685 square feet), and a permissible gross floor area (GFA) of 30,292 sq m (326,060 sq ft). The maximum permissible commercial GFA is 2,500 sq m (26,910 sq ft).

    "One key attraction for this site is its close proximity of about 150 metres to Kovan MRT station, which is only a stop away from Serangoon MRT interchange station," said SLP International executive director Nicholas Mak.

    "However, it is more challenging to develop this site due to its triangular shape and that it is fronting two very busy roads, namely Upper Serangoon Road and Tampines Road. Furthermore, this site is also next to the underground MRT line which may lead to higher construction cost."

    Still, Mr Mak is expecting the site to attract 10 to 15 bids, with the winning bid coming in the region of S$670 to S$721 psf ppr, or between S$218.5 million and S$235 million.

    The tender for the site closes at noon on Nov 13.

    The second site, a 99-year leasehold residential plot in Dundee Road near Commonwealth Road, was available for sale on the Reserve List from Thursday.

    The 10,516.1 sq m (113,194 sq ft) site, with a maximum GFA of 51,529 sq m (554,653 sq ft), is expected to yield 645 units.

    It is a few minutes' drive from established schools like Crescent Girls School and the ISS International School.

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