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Thread: Two residential sites up for sale

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    Default Two residential sites up for sale

    http://www.businesstimes.com.sg/sub/...75140,00.html?

    Published April 14, 2010

    Two residential sites up for sale

    By UMA SHANKARI


    THE government has launched two more suburban residential sites - one for private housing and the other for executive condominium (EC) units - for sale by tender.

    And sales agent Housing & Development Board said that a further two parcels will be put up for sale early next month.

    Tenders for these two sites, which are on the government's reserve list, were triggered after developers committed to bid at prices deemed acceptable to the state.

    The four sites can potentially yield about 1,970 homes, of which about 60 per cent are EC units.

    One site offered for sale from today is a 99-year leasehold plot at the junction of Sembawang Road and Canberra Drive from the government's confirmed list. HDB said that an estimated 290 landed homes or condominium units can be built on the site, which has a maximum permissible gross floor area of 340,085 sq ft.

    Li Hiaw Ho, executive director for CBRE Research expects the plot to fetch $280-310 per sq ft per plot ratio (psf ppr). 'Assuming a low-rise condominium of around 300-350 units will be built, the site is likely to fetch $95-105 million ($280-310 psf ppr),' Mr Li said. 'Alternatively, at the same land price, about 120-150 cluster units houses can be considered for strata landed housing development.'

    The tender for the site closes on June 8.

    The other site launched for sale by tender is an EC plot at the junction of Sengkang East Avenue and Buangkok Drive, which was triggered under the reserve list system on April 1.

    HDB said then that a developer had agreed to bid at least $103.8 million - or $189 psf ppr - for the 99-year leasehold site. Analysts said at the time they expected the site to fetch $200-300 psf ppr. The tender closes on May 25.

    HDB also said yesterday that it will put two 99-year leasehold residential sites on the reserve list - a plot for private homes in Yishun and an EC parcel in Punggol - up for tender in early May after they were triggered by unnamed developers.

    The Yishun site - at the junction of Yishun Avenue 2, Yishun Avenue 7 and Canberra Drive - has been on the reserve list since August 2008. A developer has now committed to bid at least $137.9 million for the plot, which has a maximum gross floor area of 714,174 sq ft. The bid price works out to $193 psf ppr. About 600 condo units can be built on the site.

    The EC plot, at the corner of Punggol Field and Punggol Road, has been on the reserve list since December 2008. It received a minimum bid of $147.7 million. The site has a maximum gross floor area of 726,476 sq ft, which means the minimum bid price works out to $203 psf ppr. An estimated 615 EC units can be built on the site.

    The four sites offer a 'good spread' to developers and home buyers, said Colin Tan, director of research and consultancy at Chesterton Suntec International.

    EC units are initially sold with eligibility and ownership restrictions similar to HDB's public housing flats, but will be converted to private housing after 10 years.

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    Default Four residential sites up for tender

    http://www.straitstimes.com/Singapor...ry_514232.html

    Apr 14, 2010

    Four residential sites up for tender

    Move reinforces Govt's message that there is enough land: Analyst

    By Jessica Cheam


    FOUR plum residential sites which will yield almost 2,000 new homes are being released for tender by the Government in a move to ramp up supply in Singapore's hot property market.

    They include Punggol's first executive condominium (EC) site, to boast 615 homes, which will be released for tender early next month as a developer has already made a minimum bid of $147.7 million.

    In stark contrast, when a Punggol EC site was launched in September 2008, there were no takers among developers.

    The other three sites are for another EC - at Sengkang - and two private development sites at Sembawang and Yishun.

    This is the latest round in a slew of sites being released by the authorities to inject fresh supply into the market.

    Developers have been snapping up land to replenish landbanks as they scramble to meet dizzying levels of demand for new homes.

    Since the start of the year, the Government has sold four residential sites and offered three other sites for tender under the confirmed list, said the Housing Board (HDB) yesterday.

    These seven sites could potentially yield a total of 2,775 housing units, and that is not counting another residential site at Upper Serangoon Road to be released for sale later this month.

    The heightened level of activity is a drastic turnaround from the same period a year ago, when no sites were offered or sold by the Government amid a lacklustre property market.

    Sites on the reserve list could offer an extra 7,625 homes in the first half of the year, said the HDB. Reserve list sites are offered on top of the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.

    To date, eight reserve list sites - yielding about 3,345 homes - have been triggered in this way, with one sold and seven under tender or to be launched.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the Government is 'reinforcing the message that there is enough land'.

    'By announcing more than one site at a time, it is also saying to developers that they do not need to bid so aggressively. The objective is to push out enough land supply so that prices can be moderated,' said Mr Mak.

    Among the new sites, the plot at the junction of Sembawang Road and Canberra Drive and the EC located at Sengkang East Avenue and Buangkok Drive go on sale today.

    The Sembawang plot, launched under the confirmed list, can be developed into strata-title landed housing or condominium units offering 290 homes.

    CBRE Research executive director Li Hiaw Ho said the site is likely to fetch $95 million to $105 million if a condo is built. The tender closes on June 8.

    The Sengkang EC site, triggered by a developer's bid of $103.8 million on April 1, is served by the Sengkang LRT system and could yield 465 homes.

    ECs are condo-style homes but with public housing rules. This tender closes on May 25.

    Early next month, the Government will put the EC plot located at Punggol Field and a condominium project at Yishun Avenue 2 up for public tender.

    The Punggol plot is near the Punggol Town Centre while the Yishun condo site is in the established Yishun Town and could generate 600 homes. A developer triggered the tender for the Yishun site with the minimum bid of $137.9 million.

    HDB said yesterday the total supply of 10,550 homes for the first half of the year from the Government's confirmed and reserve list is the highest level in the scheme's history.

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    Default

    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Singapor...ry_514232.html

    Apr 14, 2010

    Four residential sites up for tender

    Move reinforces Govt's message that there is enough land: Analyst

    By Jessica Cheam


    FOUR plum residential sites which will yield almost 2,000 new homes are being released for tender by the Government in a move to ramp up supply in Singapore's hot property market.

    They include Punggol's first executive condominium (EC) site, to boast 615 homes, which will be released for tender early next month as a developer has already made a minimum bid of $147.7 million.

    In stark contrast, when a Punggol EC site was launched in September 2008, there were no takers among developers.

    The other three sites are for another EC - at Sengkang - and two private development sites at Sembawang and Yishun.

    This is the latest round in a slew of sites being released by the authorities to inject fresh supply into the market.

    Developers have been snapping up land to replenish landbanks as they scramble to meet dizzying levels of demand for new homes.

    Since the start of the year, the Government has sold four residential sites and offered three other sites for tender under the confirmed list, said the Housing Board (HDB) yesterday.

    These seven sites could potentially yield a total of 2,775 housing units, and that is not counting another residential site at Upper Serangoon Road to be released for sale later this month.

    The heightened level of activity is a drastic turnaround from the same period a year ago, when no sites were offered or sold by the Government amid a lacklustre property market.

    Sites on the reserve list could offer an extra 7,625 homes in the first half of the year, said the HDB. Reserve list sites are offered on top of the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.

    To date, eight reserve list sites - yielding about 3,345 homes - have been triggered in this way, with one sold and seven under tender or to be launched.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the Government is 'reinforcing the message that there is enough land'.

    'By announcing more than one site at a time, it is also saying to developers that they do not need to bid so aggressively. The objective is to push out enough land supply so that prices can be moderated,' said Mr Mak.

    Among the new sites, the plot at the junction of Sembawang Road and Canberra Drive and the EC located at Sengkang East Avenue and Buangkok Drive go on sale today.

    The Sembawang plot, launched under the confirmed list, can be developed into strata-title landed housing or condominium units offering 290 homes.

    CBRE Research executive director Li Hiaw Ho said the site is likely to fetch $95 million to $105 million if a condo is built. The tender closes on June 8.

    The Sengkang EC site, triggered by a developer's bid of $103.8 million on April 1, is served by the Sengkang LRT system and could yield 465 homes.

    ECs are condo-style homes but with public housing rules. This tender closes on May 25.

    Early next month, the Government will put the EC plot located at Punggol Field and a condominium project at Yishun Avenue 2 up for public tender.

    The Punggol plot is near the Punggol Town Centre while the Yishun condo site is in the established Yishun Town and could generate 600 homes. A developer triggered the tender for the Yishun site with the minimum bid of $137.9 million.

    HDB said yesterday the total supply of 10,550 homes for the first half of the year from the Government's confirmed and reserve list is the highest level in the scheme's history.

    [email protected]
    these sales should quench the thirst of the upgraders ...

    and if upgraders are taken out of the equation, then private condo demand should eventually stabilise .. and price rally of the mass mkt should slow down ..

    welcome, welcome, very welcome ...

    what remains then will be what Simon cheong said, the 16 pct ..

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