Sengkang condo plot put up in govt reserve list

[mr funny]

http://www.businesstimes.com.sg/sub/...19940,00.html?

Published April 6, 2011

Sengkang condo plot put up in govt reserve list

99-year leasehold plot is next to site that drew 9 bids in March tender

By KALPANA RASHIWALA


A 99-YEAR leasehold condo plot diagonally opposite Sengkang MRT Station has been made available for application under the government's reserve list. The 2.1 hectare plot, which can potentially be developed into about 710 units, is next to an earlier condo plot clinched by Keppel Land at a state tender in March for about $502 per square foot per plot ratio (psf ppr).

While that earlier plot was on the confirmed list, where sites are launched for tender according to a pre-stated schedule regardless of demand from developers, the latest plot will be put up for tender only upon application by a developer undertaking to offer a minimum price that is acceptable to the state.

Cushman & Wakefield senior manager of Asia Pacific research Ong Kah Seng notes the keen interest for the earlier site, which had drawn nine bids with fairly narrow spreads among the top three. 'This reflects that developers' interest for the location is encouraging and some participants who did not secure that site may be interested in tendering for the latest plot.'

If the latest site were put up for sale today, Mr Ong reckons that it could fetch 7-10 bids, with the highest in the $470-510 psf ppr range.

The Housing & Developing Board, which is handling the marketing of the site, yesterday said: 'This residential site is located in the heart of Sengkang, opposite the bustling Sengkang Town Centre. With its close proximity to the town centre, residents will enjoy the convenience of the integrated Sengkang MRT/LRT Station and Sengkang Bus Interchange.'

The site is also located near commercial and community facilities such as Compass Point, Kopitiam Square and Sengkang Community Hub. Nan Chiau Primary and High Schools, CHIJ St Joseph's Convent, and Sengkang Primary and Secondary schools are within walking distance, it said.

As per the first-half 2011 Government Land Sales Programme, the Urban Redevelopment Authority will also release this month two new private housing sites under the confirmed list - at Woodlands Avenue 2/Rosewood Drive and Flora Drive in the Upper Changi area. In addition, URA will make available for application a reserve list site at Hillview Avenue. Together, the four residential sites can potentially yield about 1,885 housing units, HDB said.

[mr funny]

http://www.straitstimes.com/Money/St...ry_653399.html

Apr 6, 2011

Residential site in heart of Sengkang up for tender

By Cheryl Lim


A RESIDENTIAL site in the heart of Sengkang, which could yield about 710 new condominium units, is set to go on sale by public tender if interest from developers is strong enough.

The 231,122 sq ft plot, opposite Sengkang Town Centre at Sengkang Square, is being released today under the reserve list of the Government Land Sales programme for the first half of this year.

Under this list, the site will go to public tender if a developer submits a bid that meets a minimum threshold that is acceptable to the Government.

Three more residential sites will be released later this month.

Two are on the confirmed list, which means the site goes to public tender directly. One is located at Rosewood Drive, while the other is at Flora Drive.

The other reserve list site is located in Hillview Avenue.

Together, the three sites and the reserve list site being released today could yield about 1,885 units.

The Sengkang site has a plot ratio of 3.0, which means it can be built up to a maximum gross floor area of 693,368 sq ft.

Conditions tied to the sale of the 99-year leasehold site stipulate that the successful tenderer will have to complete the project five years from the date of acceptance of the tender.

The site is located near the Compass Point shopping mall and community facilities such as Sengkang Community Hub. Schools like Nan Chiau Primary School and CHIJ Saint Joseph's Convent are also within walking distance.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, said it is set to be a popular site.

'It's walking distance from the MRT and anything that's near an MRT station is going to be a selling point,' he noted.

Mr Chris Koh, Dennis Wee Group director, said: 'Sengkang is becoming a more mature estate.

'Five years ago, not many people would want to move there. But now that's not the case, especially if a developer develops a condo right in the middle of the estate.'

A neighbouring plot, at the junction of Sengkang Square and Compassvale Road recently attracted nine bids, with a top bid of $286.79 million or $501.76 per sq ft per plot ratio from Keppel Land.

[kane]

another one of those near MRT plots.

[Geylang OKT]

So much upcoming supply in the pipeline!

[CCR]

So much upcoming supply in the pipeline!

To make up for the lack of supply for the last 5 years when population went up by 600k in total, while gahmen only build 6000 bto a year and 8000 private a year... Lolx.....

[Geylang OKT]

To make up for the lack of supply for the last 5 years when population went up by 600k in total, while gahmen only build 6000 bto a year and 8000 private a year... Lolx.....

Well, it has since then been a massive overdose of oversupply. Let's see what happens in 2012 & 2013, shall we?

[kane]

i think you will see oversupply in times of crisis, and undersupply in times of boom. so the years don't really matter.

[gilaone]

So fast land selling again after the one won by Kepland
What will happen to the nearby Compass Heights price?

[Lovelle]

more like over supply in ocr area.

[kane]

there are plenty of HDB upgraders out there, the question is whether they can afford to make that jump over.

[ysyap]

So fast land selling again after the one won by Kepland
What will happen to the nearby Compass Heights price?

Prices will climb lor... before those nearby lands were bought, the prices of Compass Ht rose because of The Quartz! These two condos were vastly compared and so prices were competitive. Now, probably go up further lor...

[ysyap]

there are plenty of HDB upgraders out there, the question is whether they can afford to make that jump over.

Some will jump off then realise cannot reach the other side... The rise in private property prices are faster and more furious than the rise in HDB flat prices so if just depending on selling HDB to cover cost to buy private sure not enough. Need the extra 5 years of saving like crazy lor.

Must calculate properly. Don't just leap off!

[Wild Falcon]

Perhaps u should look at supply per sq km. OCR is a large area (there are 28 districts and only 5 districts is considered CCR). Of course the supply will be more - but that doesn't means its oversupply. So if OCR land area is 10x CCR, then u have to see whether supply is more than 10x before coming up with such a conclusion. Normally, the highest density is in city area, so supply is generally higher per sq km is also higher. Next time u go classifieds and compare the no. of columns on sale by sellers and compare say D9,10 vs D23,24. U would be surprised the former take up 2.5 pages and the latter not even 1 page. It's important to see things in perspective.

more like over supply in ocr area.

[ysyap]

Perhaps u should look at supply per sq km. OCR is a large area (there are 28 districts and only 5 districts is considered CCR). Of course the supply will be more - but that doesn't means its oversupply. So if OCR land area is 10x CCR, then u have to see whether supply is more than 10x before coming up with such a conclusion. Normally, the highest density is in city area, so supply is generally higher per sq km is also higher. Next time u go classifieds and compare the no. of columns on sale by sellers and compare say D9,10 vs D23,24. U would be surprised the former take up 2.5 pages and the latter not even 1 page. It's important to see things in perspective.

Can't really use classified to compare coz CCR are often used for investment purposes so naturally sale volume will be higher. Not accurate reflection.

[kane]

I have found it harder to get tenants in CCR than OCR. Maybe the rental is a put off. I'm interested to know if those old timers with multiple properties here whether had an opposite experience from mine.

[chiaberry]

I have found it harder to get tenants in CCR than OCR. Maybe the rental is a put off. I'm interested to know if those old timers with multiple properties here whether had an opposite experience from mine.

These days there are lesser expatriates who can afford high rentals because there are more on local terms compared to before. They have lower budget and many also need to accomodate a family. Thus they would go for lower rent/more space. If your CCR property is old/ageing, you also have to be more realistic to be willing to accept lower rent. If you have a very high end luxury condo, you are also competing with property in the Marina Bay area of which there are a lot looking for tenants.

[kane]

These days there are lesser expatriates who can afford high rentals because there are more on local terms compared to before. They have lower budget and many also need to accomodate a family. Thus they would go for lower rent/more space. If your CCR property is old/ageing, you also have to be more realistic to be willing to accept lower rent. If you have a very high end luxury condo, you are also competing with property in the Marina Bay area of which there are a lot looking for tenants.

I was prepared to lower rental but no takers. Maybe like what you say, there's a lot of units up for rental in the financial centre.

[CCR]

Spanish village tulip garden, rental only 2.50 psf per month Damn low.... Must know where to find.... Mera prime rental 5psf per month

[ysyap]

Foreigners are already looking beyond just prime districts now.... rental so high so they actually looking at OCR near MRT. Makes more sense, isn't it?

[chiaberry]

Spanish village tulip garden, rental only 2.50 psf per month Damn low.... Must know where to find.... Mera prime rental 5psf per month

They are affected by the massive construction of that monstrosity next and opposite to them. And before that they were affected by the construction of the Circle Line MRT.