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Thread: URA to auction landed housing plots in Sembawang

  1. #1
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    Default URA to auction landed housing plots in Sembawang

    http://www.businesstimes.com.sg/sub/...53540,00.html?

    Published September 17, 2010

    URA to auction landed housing plots in Sembawang

    By KALPANA RASHIWALA


    (SINGAPORE) The Urban Redevelopment Authority will auction 14 plots for 99-year leasehold landed housing development under Sembawang Greenvale Phase 3 that can potentially yield 115 landed homes.

    The 14 plots include individual bungalow lots, small streetblock parcels each capable of being developed into four to 17 terrace and semi-detached houses, and one parcel for strata landed housing development.

    'The sale of these land parcels will provide opportunities for individuals and small developers to take part in the Government Land Sales Programme,' URA said.

    Nine of the 14 land parcels will be pilot tested for a modified set of landed housing guidelines using an envelop control approach which gives developers more flexibility in the design of landed housing.

    'In conventional housing areas, the current guidelines regulate the floor-to-floor height, attic guidelines, dormer windows etc. But with the envelop control, it essentially gives designers and developers an empty canvas to exercise their creativity albeit complying with the larger control which is overall external massing of the building,' says Jones Lang LaSalle's SE Asia research head Chua Yang Liang.

    While the envelop policy is likely to enhance the attractiveness of the nine sites on offer, Dr Chua is not counting on a surge in bid prices at the upcoming auction.

    Landed homes developed under the envelop approach could at best see about 5-10 per cent price upside because of creative designs. 'Developers are unlikely to factor this upside into bids for the pilot batch of sites,' he added.

    He estimates top bids of about $250-$350 per square foot of land area for the bungalow plots but suggests prices may cross $400 psf for the terrace housing plots. The strata landed housing plot could fetch about $300-$350 psf. However if the developer of this plot opts to build conventional terrace houses, he could be prepared to pay over $400 psf.

    Cushman & Wakefield's senior manager of Asia-Pac research Ong Kah Seng predicts the land parcels will sell at $200-$250 psf.

    The auction will be held on Oct 28.

    URA yesterday also made available for application through the reserve list a 99-year condo plot at Stirling Road in the Queenstown area that can generate about 445 units.

    Assuming the site is triggered for release, the top range of bids could be $550-$600 per square foot per plot ratio (psf ppr), says JLL's Dr Chua. Recent secondary market transactions of private condos in the area have been around $1,000 psf, he added.

    Cushman's Mr Ong too reckons the winning bid could come in at $600-$630 psf ppr. However, interest in this site is expected to be modest until at least the first half of next year. In any case, the condo parcel next door has been available on the reserve list for some time and has yet to find takers.

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    leasehold 99 year landed + lulu areas = cheapest price

    cooling down property price?

    record low new landed price?

    we will probably see the ad in the next 12 months?

    Interesting.

  3. #3
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    Quote Originally Posted by rattydrama
    leasehold 99 year landed + lulu areas = cheapest price

    cooling down property price?

    record low new landed price?

    we will probably see the ad in the next 12 months?

    Interesting.
    This is it. The moment of truth.

    In the past, one or two parcels with some results

    Now its, one plus four parcels with excellent COOLING results. Not surprised if really attractive pricing.

    Its gonna be cheap as they used AUCTION for the sale process. AUCTIONS ARE WHEN BARGAINS CAN BE FOUND. Exceptions do apply.

    29-Feb-08-22-Apr-08Sembawang Greenvale Ph 2 - LP1 at Wak Hassan DriveSemi-detachedResidential (Landed)495.5Looi & Koh Development Pte Ltd $ 1,220,000.00 $ 2,462.16 99


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    To cater for those who complain of the recent hike in the price of landed property.

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