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Thread: Four land parcels to be released this month

  1. #1
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    Default Four land parcels to be released this month

    http://www.businesstimes.com.sg/sub/...67940,00.html?

    Published October 18, 2011

    Four land parcels to be released this month

    3 for private housing and one for EC units, yielding around 1,900 units in total

    By UMA SHANKARI


    THE government will release three land parcels for private housing and one for executive condominium units for sale this month.

    The four sites can yield around 1,900 units in all, government agencies said yesterday.

    The Urban Redevelopment Authority (URA) yesterday launched the first of the sites - a 99-year leasehold plot on Alexandra Road which can yield about 545 private homes.

    The site is under the confirmed list of the government land sales (GLS) programme for the second half of 2011.

    Three more housing sites will be released for sale on Oct 27.

    Two of them are private housing sites - one for about 35 landed homes in Bukit Panjang and the other for about 540 apartments in Punggol - which will also be rolled out via the confirmed list.

    The executive condominium (EC) site in Sengkang, on the other hand, will be offered under the reserve list. The EC site can yield around 770 flats.

    Under the reserve list system, the government releases a site for sale only if an interested party submits an application with a minimum price that is deemed acceptable.

    By contrast, land parcels under the confirmed list are sold according to scheduled dates.

    The land parcel along Alexandra Road, which is located within an established residential estate in the central region, is one of the more attractive sites in the current GLS programme and will attract interest from developers, analysts say.

    'The site could attract 8-12 bidders with the top bid coming in around $600-650 per square foot per plot ratio (psf ppr),' said Credo Real Estate executive director Ong Teck Hui.

    However, as the tender is due to close only in December, interest in the site may be affected if market conditions soften, he added.

    Nicholas Mak, research head of property consultancy SLP International, noted that the higher bids are likely to be from the larger developers with deep pockets and holding power.

    'If the winning developer plans to sell the units in this project at prices above $1,350 psf, for example, in the near future, it could need more than a year to sell all the units in this development,' Mr Mak said.

    The site has a maximum gross floor area of about 524,900 sq ft. The tender will close at noon on Dec 6.

    The site is adjacent to the plot for Ascentia Sky, the site which was sold in December 2007 for $639 psf ppr to Wing Tai Holdings and United Engineers.

    Units in that project have been selling for between $1,300 and $1,500 psf for the most part in the last six months.

  2. #2
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    Default Four residential sites to be released this month

    http://www.straitstimes.com/PrimeNew...ry_724457.html

    Four residential sites to be released this month

    Published on Oct 18, 2011

    By Cheryl Lim


    ANOTHER 1,900 or so new homes are set to go on the market here as a result of four residential sites being put up for sale by the end of this month.

    These new sites, dotted across the island, add to the 13,825 new homes which can be built on land launched for sale under the Government Land Sales Programme so far this year.

    That is well above the equivalent number for the same period last year of 13,260 units.

    The first of the four sites was launched for sale by public tender yesterday.

    Located at Alexandra Road, next to the Redhill MRT station and the most central site, the 99-year leasehold plot has been zoned for condominium, flats and serviced apartment use.

    Measuring close to 1ha, it can be built to a maximum gross floor area of 524,934 sq ft and could yield 545 homes. The tender for this plot closes on Dec 6.

    Another large site in the Punggol area will be launched on Oct 27.

    The Punggol plot, zoned for condominium and apartment use, is at the corner of Punggol Central and Punggol Place.

    The large 1.8ha site can yield around 540 homes. It joins three other private residential sites, which could produce more than 1,800 apartments, that have been put up for sale in the Punggol area within the past six months.

    Another site, also to be launched on Oct 27, is in Bukit Timah at the junction of Almond Avenue and Chestnut Avenue, and is designated for landed housing. Up to 35 homes can be built on it.

    These two, along with the Alexandra Road site, are on the confirmed list of sales, which means they will go on the market at a scheduled date

    The fourth plot is an executive condominium (EC) site at Fernvale Lane, near Seletar, and is on the reserve list.

    This means that a public tender will be held only if a developer first commits to a figure deemed an acceptable minimum.

    At 2.2ha, the site is the largest of the four with an estimated yield of 770 homes.

    Analysts say the move to release the EC site could be a response to recent enthusiasm for such projects from both developers and home buyers. ECs are a public-private housing hybrid.

    Earlier this month, an EC site at Pasir Ris drew 11 bids, with market experts pointing to the revised income ceiling as the reason for the heightened interest.

    Households earning $12,000 a month are now eligible to buy these homes, up from $10,000 previously.

    Developers of EC projects have also reported brisk sales of their developments, especially since the higher income ceiling was backdated to include all unsold units.

    Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, said the outlook for the EC market looks strong: 'Talk of raising the income ceiling was swirling even before the general election. Buyers, who might otherwise buy private homes, may have turned their attention to the EC market and waited. So, what we are seeing is pent-up demand from back then.'

    The release of these sites comes even as the Urban Redevelopment Authority's new home sales figure hit 1,631 units, excluding ECs, for last month, an indication of healthy demand.

  3. #3
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    Unless there's direct intervention in the prices of economy, the brisk sales after the raising of income ceiling will only prompt developers to raise their prices.

  4. #4
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    Any news on the Alexandra site?
    When is the tender closing? I think the response will be damn good

  5. #5
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    700psf? I predict CM6 will come if HDB RPI and URA PPI up another 10% next year ... Singapore SIBOR pegging with US Fed rate is fundamentally a big problem. The mortgage rate is a heaven for the rich Chinese tai tai.

    My txn data from HDB resale at D16/D18 already indicating 80k COV and above 600k for 5r near HDB, HDB RPI going to hit through 200 at Q4 2011.
    Ride at your own risk !!!

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