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Thread: Govt releases 4 home sites in one go

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    Default Govt releases 4 home sites in one go

    http://www.businesstimes.com.sg/sub/...78162,00.html?

    Published March 24, 2010

    Govt releases 4 home sites in one go

    Reiterates supply of land, homes enough to meet demand

    By UMA SHANKARI


    (SINGAPORE) Four more residential sites - on which more than 1,200 private homes can be built in total - were released for sale by the government yesterday.

    The Urban Redevelopment Authority (URA) yesterday also reiterated that the potential supply of land from the government's land sales programme and the supply from projects in the pipeline will be 'more than sufficient to meet the demand for private housing'.

    'The government will continue to monitor the property market closely,' URA said. 'If necessary, more supply can be injected via the second half 2010 government land sales programme to ensure that property prices are in line with economic fundamentals.'

    Private home prices rose 7.4 per cent in Q4 2009 after climbing 15.8 per cent in Q3. For the whole of 2009, prices of private residential properties rose by 1.8 per cent.

    Analysts have said that that the URA price index is likely to show an increase in Q1 2010 as more higher-value projects have been sold in the current quarter. The index will be released in April.

    Yesterday, URA said it is releasing three residential land parcels - one each at Boon Lay Way, Simei Street 3 and Stirling Road - for sale. The agency last released three sites for sale at one go in January 2000.

    And in addition to that supply, the Housing & Development Board (HDB) also plans to launch a residential site at Tampines Road for tender in about two weeks' time. HDB is releasing the site as it has been triggered by a bid from an unnamed developer.

    Analysts said that the government's 'very rare' move of releasing four sites on the same day was designed to emphasise its often-repeated point that the supply of land and homes is more than enough to meet demand.

    The upcoming supply from the four sites could also moderate the climb in private home prices.

    Colin Tan, Chesterton Suntec International's research and consultancy director, said that it was 'positive' that URA & HDB are co-ordinating their efforts and pushing out development sites quickly.

    'This should stem the overly aggressive bids we have seen in recent weeks and also stem future price escalations from the supply side. Because if developers pay too much for their sites, their initial selling prices may be higher to recover the land cost,' Mr Tan said.

    URA's three sites can potentially yield about 1,180 private homes. The sites are 'well-distributed across the island, namely in the west, east and central regions, to provide developers and home-buyers with more choice', the agency said.

    Two of the three land parcels released by URA yesterday - the sites at Boon Lay and Simei - are being offered under the confirmed list. The third site at Stirling Road was placed on the reserve list - which means that it has to be triggered for sale before the government will launch it.

    Chua Chor Hoon, head of DTZ's South-east Asia research team said that both sites on the confirmed list were attractive. She estimates that the site on Boon Lay Way could go for $330-$390 per square foot (psf) of potential gross floor area, with homes there eventually selling for $720-$780 psf.

    A comparable property in the vicinity will be Frasers Centrepoint's Caspian, where units are currently selling for $647-$732 psf.

    Ms Chua also predicted that the site at Simei could go for a slightly pricier $360-$410 psf of potential gross floor area.

    Homes on the site could eventually sell for $750-$800 psf. Nearby, units at Double Bay Residences are going for $680-$746 psf, she said.

    Interest is also expected to be strong for HDB's Tampines site. The site, which has been on the reserve list for the past few years, will be put up for tender after a developer committed to bid at least $6.5 million for it.

    It could prove to be popular as smaller developers - who could not compete in recent government land tenders as the prices were too high - could be attracted to it, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

    He added that although the land parcel could be developed into apartments or landed homes, it is more likely that the developer will build an apartment block of 35 to 45 units on this site.

    In an update, URA said that the government has sold four residential sites since January 2010. The four land parcels can potentially yield a total of 1,710 housing units.

    Another two private residential sites, one at Sembawang Road and another at Upper Serangoon Road, will be released for sale via the confirmed list next month.

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    http://www.straitstimes.com/PrimeNew...ry_505702.html

    Mar 24, 2010

    Three residential sites up for sale by tender

    Fourth plot available if developers are interested

    By Joyce Teo, Property Correspondent


    THE flow of residential land onto the market continues with three government sites up for grabs by tender, and a fourth ready for release if developers show interest.

    The three sites confirmed for tender are 99-year leasehold plots. Two are near MRT stations.

    A plot at Boon Lay Way near Lakeside MRT station can yield 525 units, while a site across the road from Simei MRT station can yield about 250 flats.

    The third site - at Tampines Road - is on the reserve list but was triggered for sale when a developer lodged an acceptable offer of $6.5 million. It is suitable for landed homes or apartments and will be launched for tender in about two weeks.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak told The Straits Times: 'We already know these development sites will be pushed out for sale, but it is very rare that the Government would release three sites for tender and put one more available for application on the same day.'

    'It appears it wants to strongly put the point across that there is enough supply of land and residential properties for sale, to both the public and developers.'

    Savills Singapore's director of investment sales and prestige homes, Mr Steven Ming, added: 'Developers are selling out their projects and they need to have their landbanks replenished.

    'If they are unable to do so, they will simply choose to raise the prices of their existing inventory and sell slower instead.'

    Mr Mak estimates that the top bids for the Boon Lay site will range from $360 psf per plot ratio to $420. Mr Ming expects a lower price of $260 to $300 psf ppr.

    DTZ's head of South-east Asia research, Ms Chua Chor Hoon, tips bids of $330 to $390 psf ppr, considering Caspian nearby is selling for $647 to $732 psf.

    The likely selling price of units on the Boon Lay Way site could be $720 to $780 psf, she said.

    Experts tip the Simei site to attract bids of $320 to $410 psf ppr, translating to likely prices for flats of $750 to $850 psf.

    Mr Mak reckons the Tampines site could attract bids of $335 to $390 psf ppr.

    A fourth site that might hit the market is at Stirling Road. It could yield 405 units but is for sale under the reserve list system, so developers who are keen must indicate their interest by committing to a minimum bid that the Government deems acceptable.

    'If it is released for sale, the top bids could range between $500 and $550 psf ppr or $240 million to $264 million,' said Mr Mak.

    'It will be popular with developers and home buyers because it is near the Queenstown MRT station and Anchorpoint shopping centre.'

    Mr Ming is looking at possible bids of $510 to $600 psf ppr, with a final selling price of $1,100 to $1,300 psf.

    The Government has sold four residential sites under the confirmed list since the start of the year. These sites were scheduled for tender without developers having to first indicate interest.

    A further two private residential sites - at Sembawang Road and Upper Serangoon Road - will be up for sale via the confirmed list next month, said the Urban Redevelopment Authority (URA).

    A site on the reserve list at Sengkang West Avenue was sold last month while another two sites - at Upper Changi Road North and Tampines Road - have been triggered for sale after acceptable bids were offered.

    The tenders for the Boon Lay Way and Simei sites will close on May 4 and 11 respectively.

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    Hope no one bought & paid extra for a unit at the Caspian with a "Lake view".....

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