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Thread: HDB releases Hougang residential site for condo devt

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    Default HDB releases Hougang residential site for condo devt

    http://www.businesstimes.com.sg/sub/...51140,00.html?

    Published March 10, 2010

    HDB releases Hougang residential site for condo devt

    By EMILYN YAP


    THE Housing & Development Board (HDB) yesterday released a residential site at Hougang Avenue 7 for application by interested developers.

    The 99-year leasehold parcel is on the reserve list and can yield up to 395 condominium units, HDB said.

    The site spans 168,251 square feet, has a maximum gross plot ratio of 2.8, and a maximum gross floor area of 471,102 sq ft.

    It is near the Hougang and Kovan MRT stations, as well as Hougang Mall, Hougang Plaza and Heartland Mall.

    Caveats lodged show that units at the nearby Kovan Residences changed hands at between $798 and $1,009 per sq ft (psf) last month.

    Just about two weeks ago, the government also made a residential site on the reserve list at Hougang Ave 2 available to developers. Another four plots will be coming up from now to May.

    An additional four sites from the confirmed list will also be making their way to the market.

    The authorities have ramped up the release of sites under the H1 2010 land sales programme as home prices spiked last year, and developers put in fierce bids during state land tenders.

    On Monday, National Development Minister Mah Bow Tan further announced that the H2 2010 land sales programme will carry a larger number and greater variety of sites on the reserve list.

    Still, there is likely to be 'good demand' for sites in the current land sales programme, said DTZ South-east Asia research head Chua Chor Hoon.

    'With the H2 2010 land sales programme still a few months away, developers will not wait for it to be announced as some need to replenish their land bank and there are attractive sites in the H1 2010 programme.'

    Meanwhile, developers continue to see fairly healthy demand for newly launched projects. Sing Holdings will hold a preview of its 229-unit development at Cairnhill Road, The Laurels, in both Singapore and Jakarta this weekend.

    It plans to release about 100 units at an average selling price of around $2,850 psf. As at yesterday, it had sold more than 80 units from earlier private previews.

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    http://www.businesstimes.com.sg/sub/...51140,00.html?

    March 9, 2010, 1.17 pm (Singapore time)

    99-yr condo plot at Hougang Ave 7 on offer through reserve list

    By KALPANA RASHIWALA


    SINGAPORE - The Housing & Development Board (HDB) says it will make available for application a 99-year leasehold private condo development site at Hougang Avenue 7 for application under the reserve list of the Government Land Sales (GLS) Programme on March 10, 2010.

    The 1.56-hectare site can yield about 395 residential units. Under the reserve list system, developers who are interested in purchasing the land can submit their application indicating the minimum offer price to the Government. Upon acceptance of their application, the state will put up the land for sale by tender.

    HDB in its release issued on Tuesday, also provided an update on upcoming supply from the first half 2010 GLS Programme.

    'In line with the announced H1 2010 GLS Programme, the government will continue to make available residential sites on the reserve list and confirmed list every month till May 2010 and April 2010 respectively,' it said.

    There are 18 residential sites on the reserve list for the H1 2010 GLS Programme which will provide a potential supply of 7,625 residential units. The eight housing sites on the confirmed list for the first half can generate 2,925 units.

    On March 8, the Government announced that with immediate effect it will reduce the deposit required from successful applicants of reserve list sites from 5 per cent to 3 per cent of the minimum bid they have undertaken to offer for the site, subject to a cap of $5 million (US$3.6 million), to reduce the cashflow burden to successful applicants.

    Also, the Government will consider releasing a reserve list site for sale if there is more than one party submitting an application with an undertaking to offer a minimum price close to the Government's reserve price for the site.

    Previously, a reserve site was launched only if a developer's minimum price offer in its application matched or exceeded the state's reserve price.

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