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iwant2buyproperty
03-12-13, 09:51
http://www.ura.gov.sg/uol/land-sales-repository/sites-available/~/media/User%20Defined/URA%20Online/land-sales/Sites/glnge/images/glnge-locmap.ashx

The government will be launching two 99-year private housing sites in Geylang this month.

Of the two, the one that is expected to draw more developer interest is a plot next to Aljunied MRT Station which has been triggered from the government's reserve list. The successful applicant has agreed to bid at least $95 million, translating to $505.28 per square foot per plot ratio (psf ppr), at tender for the site, which is along Geylang East Avenue 1.

Besides its choice location (the plot is also next to Geylang Methodist Primary School), the site's relatively small size - 0.62 hectare and expected to generate an estimated 215 homes - and bite-site investment quantum make it more appealing to developers compared with a larger site in the vicinity that will be launched for tender by the Government later this month though the confirmed list.

That land parcel, which has a land area of about 2.4 hectares, is expected to generate an estimated 900 private homes. Fronting Sims Drive, Aljunied Road and the Pan Island Expressway, it is further from Aljunied Station.

Confirmed-list sites are released according to a prestated schedule regardless of demand, while reserve-list sites are launched for tender only upon successful application by a developer.

Some consultants note that a wave of small, freehold projects, many of them with shoebox units, will be completed in coming years in the Geylang area, pointing to a potential supply overhang.

The Geylang East Avenue 1 site can yield a maximum 249 residential units based on an average unit size of 70 square metres gross floor area for non-landed private housing projects outside the Central Area under a guideline from the Urban Redevelopment Authority that took effect on Nov 4, 2012.

Source: Business Times –3 December 2013