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Thread: URA selling Choa Chu Kang, West Coast residential sites

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    Default URA selling Choa Chu Kang, West Coast residential sites

    http://www.businesstimes.com.sg/sub/...37768,00.html?

    Published May 6, 2011

    URA selling Choa Chu Kang, West Coast residential sites

    By EMILYN YAP


    THE Urban Redevelopment Authority (URA) yesterday rolled out for sale two 99-year leasehold residential sites which can together yield some 695 units.

    Both land parcels in the western part of Singapore are on the confirmed list, which means they were put up for tender according to a pre-stated schedule regardless of demand from developers.

    One site is at West Coast Link/West Coast Crescent, across the road from West Coast Park. Schools such as The Japanese Supplementary School and the National University of Singapore are nearby. The 1.27 hectare plot has a maximum permissible gross floor area (GFA) of 381,600 square feet and can accommodate an estimated 360 housing units. Its tender will close on June 23.

    Going by caveats lodged in July and August last year, units at the upcoming The Vision condominium next door were sold at $887-1,028 per square foot (psf).

    CBRE Research executive director Li Hiaw Ho predicts bids of $560-580 psf per plot ratio (psf ppr) for the latest site, assuming that a project on it can fetch prices of around $1,000- 1,100 psf.

    The second plot is at Choa Chu Kang Road/Phoenix Road, within walking distance to the Phoenix and Teck Whye LRT stations. It is also near the future Bukit Panjang MRT station and Junction 10 mall.

    The 1.54 hectare site has a maximum permissible GFA of 347,800 sq ft, which allows a developer to build around 335 units. Its tender will close on June 30.

    Nearby, The Tennery was launched last year at around $1,200 psf, Mr Li noted. Assuming that a new project can fetch similar prices, the latest site could draw bids of $600-640 psf ppr, he said.

    The government has been ramping up the supply of residential sites to tame rising home prices. Later this month, the Housing & Development Board will also put up for sale an executive condominium plot in Punggol that can yield around 720 units.

    Late last month, URA had released two sites on the confirmed list, one at Flora Drive and another in Woodlands.

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    http://www.straitstimes.com/Money/St...ry_665374.html

    May 6, 2011

    Two private housing sites up for sale

    EC site in Punggol also to be launched; 3 plots will yield about 1,415 units in all

    By Esther Teo, Property Reporter


    TWO residential sites, one in Choa Chu Kang and the other in the West Coast area, have been put up for sale - and could yield about 695 new homes in total.

    This is part of the Government's drive to offer more affordable private housing outside the central region.

    Also set to boost the supply of homes is another executive condo (EC) site, in Punggol, slated for launch later this month.

    Developers are invited to bid for a 1.27 ha site opposite West Coast Park at the junction of West Coast Link and West Coast Crescent. The 99-year leasehold site has a maximum gross floor area (GFA) of 35,456 sq m and can yield about 360 units. The tender closes on June 23.

    The 1.54ha Choa Chu Kang plot, at the junction of Choa Chu Kang and Phoenix roads, has a maximum GFA of 32,310 sq m. It could yield 335 homes and is within walking distance of Phoenix and Teck Whye LRT stations. Tenders for the site, also a 99-year leasehold plot, close on June 30.

    Details of the tenders were released by the Urban Redevelopment Authority (URA) yesterday. The two sites are offered under the confirmed list.

    The Housing Board will release the EC site at the junction of Punggol Way and Punggol Field under the confirmed list later this month.

    Together, the three sites can provide about 1,415 units.

    Property market observers say the two URA sites could attract healthy interest of five to 10 bids each, and fetch top bids of about $220 million each.

    Mr Li Hiaw Ho, executive director of CB Richard Ellis (CBRE) Research, said in the case of the West Coast site, West Coast Park and Clementi Woods would offer a lot of greenery and open space for residents.

    The location is also popular with the Japanese community, given the nearby Waseda Shibuya High School and The Japanese Supplementary School, he added.

    Units in the nearby Blue Horizon condominium were transacted on the resale market at $825 to $990 per square foot (psf) between February and April, Mr Li said.

    Assuming a selling price of about $1,000-$1,100 psf for the new project, he estimates bids of between $214 million and $221 million - or $560 to $580 psf per plot ratio (ppr).

    As for the Choa Chu Kang site, SLP International research head Nicholas Mak said a reasonable bid could range from $425 to $500 psf ppr - or $148 million to $174 million. 'There are not many new condominiums in the vicinity of this site... The newest launch was The Tennery, which was transacted at an average price of $1,160 psf,' he said.

    CBRE's Mr Li expects bids of $208 million to $222 million - or $600 to $640 psf ppr. 'The site... is flanked by the landed homes of Pavilion Park on one side and Phoenix Heights Estate on the other. This location is on the fringe of Choa Chu Kang and Bukit Panjang HDB estates and will benefit from the amenities and facilities there,' he added.

    The URA said that as of the first quarter, about 68,887 private homes are in the pipeline and expected to be completed within the next few years. Of these, the inventory of unsold units totalled about 34,266.

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