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Thread: Upper Serangoon, Hougang sites up for public tender

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    Default Upper Serangoon, Hougang sites up for public tender

    http://www.businesstimes.com.sg/sub/...82103,00.html?

    Published April 21, 2010

    Upper Serangoon, Hougang sites up for public tender

    Bids seen coming in at up to $560 psf ppr and $350 psf ppr respectively

    By UMA SHANKARI


    TWO more 99-year leasehold residential plots were launched for sale by the government yesterday - one at Upper Serangoon Road from the confirmed list and the other at Hougang Avenue 2 from the reserve list.

    The Hougang Avenue 2 site was triggered by a developer who agreed to bid at least $109.9 million for it, which works out to $241 per square foot per plot ratio (psf ppr), the Urban Redevelopment Authority said on April 7.

    Analysts said then that the top bid for the site could come in at $310-350 psf ppr once the tender is launched.

    The second site, between Upper Serangoon Road and Pheng Geck Avenue, is being launched in line with the schedule announced for the first-half 2010 government land sales (GLS) programme.

    The site has a maximum gross floor area of 187,313 sq ft. Analysts say that it could fetch $450-560 psf ppr, which works out to a land cost of $84-105 million.

    The site can be developed into a part low-rise (up to five-storeys) and part mid-rise (around 18 storeys) condominium comprising at least 150 units, said Li Hiaw Ho, executive director of CBRE Research.

    'It will be popular with home buyers and developers because of its location and proximity to an MRT station,' Mr Li said. 'As developers are still interested in acquiring sites, we expect it to be able to attract about 10 bids.'

    Chua Chor Hoon, head of DTZ's South-east Asia research team, said: 'The successful tenderer is likely to build mainly small units on the site to capitalise on its proximity to the MRT. Investors would be attracted to buy them for leasing.'

    Recent sub-sales at 28 Woodsville and 8@Woodleigh ranged from $884 psf to $905 psf, she said.

    Eight major GLS residential sites, including an executive condominium site, will be sold between now and June 2010. In addition, two tenders set to be launched soon could close by end-June.

    Analysts say that this is the highest concentration of GLS development land parcels in different locations offered for sale within a four-month period since the reserve list system was introduced in 2001.

    'The jury is still out on whether these 10 land tenders can continue to attract bullish bids or whether developers experience fatigue,' said Ngee Ann Polytechnic real estate lecturer Nicholas Mak. 'If the highest bids in subsequent tenders display a declining pattern, the government may have achieved the first step towards moderating private home prices by using supply-side measures.'

    The tender for the Hougang Avenue 2 site closes on May 20, while that for the Upper Serangoon Road/Pheng Geck Avenue plot closes on June 2.

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    http://www.straitstimes.com/Money/St...ry_517051.html

    Apr 21, 2010

    Two more residential sites open for tender

    By Esther Teo


    THE roll-out of land in response to high demand for homes has continued, with the Government launching public tenders for two more sites yesterday.

    Both residential development sites - in Hougang Avenue 2 and Upper Serangoon Road - are 99-year leasehold plots.

    The Upper Serangoon site, in Pheng Geck Avenue, is on the Government's confirmed list. These sites are scheduled for tender without developers having to first indicate interest.

    The Hougang site, however, is on the reserve list but is up for sale after a developer lodged an acceptable offer of $109.9 million. It is suitable for a low-density condominium, flats or landed housing.

    Reserve list sites are offered on top of those on the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.

    The Government has sold four residential sites with the potential to yield 1,710 units under the confirmed list since the start of the year.

    Tenders are ongoing for another four sites on the confirmed list, including the Upper Serangoon site, which will close in the next two months. In total, these could yield another 1,215 units, the Urban Redevelopment Authority said.

    Another 10 sites with the potential to yield 4,280 units are still available for sale on the reserve list of the first half of this year's government land sales programme, it added.

    Real estate consultancy CBRE Research executive director Li Hiaw Ho said that with the Upper Serangoon site just a stone's throw away from the Potong Pasir MRT station and the Central Business District just a 10-minute drive away, it would be popular with both home buyers and developers.

    He expects the site to attract about 10 bids with a land price of around $84 million to $94 million, equating to $450 to $500 per sq ft (psf) per plot ratio.

    'Based on caveats lodged in the last six months, units in Woodsville 28 and 8@Woodleigh, which are new condominium developments in its immediate neighbourhood with 99-year leasehold tenure, were sold at between $885 psf and $1,130 psf in the sub-sale markets.

    'Therefore, units in the subject site may be able to fetch $950 psf to $1,000 psf on the average by the time they are launched,' Mr Li said.

    The tenders for the Hougang and Upper Serangoon sites close on May 20 and June 2 respectively.

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