Tanah Merah, Bright Hill sites launched to yield 820 homes

[reporter2]

http://www.businesstimes.com.sg/arch...ield-820-homes

Published June 21, 2012

Tanah Merah, Bright Hill sites launched to yield 820 homes

Bids of $500-$600 psf ppr seen for first plot, $550-$620 psf ppr for second

By Mindy Tan


TWO residential sites, expected to yield up to 820 housing units, were launched for sale by public tender by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) yesterday.

The first site, a 99-year leasehold plot located on Tanah Merah Kechil Road, has a site area of about 150,678.5 square feet and a maximum gross floor area (GFA) of 421,901.8 sq ft. It can house around 415 homes.

According to Png Poh Soon, director, valuation and head, consultancy and research at Knight Frank, the site could attract five to seven bidders, with the winning bid ranging from $550 to $580 per square foot per plot ratio (psf ppr). This translates to an average selling price of $1,100-$1,150 psf.

"We expect developers to be less aggressive in bidding for this site since there will be more land supply for this neighbourhood under the 2H 2012 GLS (Government Land Sales) programme, including the two residential sites at New Upper Changi Road/Bedok Road (Parcel A) under the Confirmed List and New Upper Changi Road/Bedok South Avenue 3 (Parcel B) under the Reserve List," said Mr Png.

ERA Realty's key executive officer, Eugene Lim, expects the site to fetch an estimated bid price of $500-$600 psf ppr, assuming a selling price of $1,000-$1,300 psf, based on current subsales in the locality.

Given its proximity to Tanah Merah MRT station, he expects six to eight bidders for the site.

Said DWG's senior manager of research and consultancy, Lee Sze Teck: "The estimated land price is between $550 and $600 psf ppr and could see up to eight bidders."

Tender for the site will close at 12 noon, on July 31.

The second site, a 99-year leasehold plot located at Bright Hill Drive, has a site area of about 144,635.6 sq ft and a maximum GFA of 404,979.7 sq ft. It is expected to yield about 405 homes.

Knight Frank's Mr Png said the site could attract three to five bidders, with the winning bid between $580 and $620 psf ppr, which translates to an average selling price of $1,250-$1,300 psf.

"With the right orientation, the future condominium development can enjoy the unblocked view of the MacRitchie Reservoir and the neighbouring landed housing estates, such as Adelphi Park Estate, Windsor Estate and Soo Chow Garden," he said.

Said ERA's Mr Lim: "We expect a moderate number of bidders (four to six) for this site, due to the fact that the site is irregular and may pose challenges in terms of design. Bid price may be $550-$600 psf ppr, assuming an eventual selling price of between $1,100 and $1,250 psf."

DWG's Mr Lee said estimated bids for the site could be between $550 and $600 psf ppr, and attract between six and eight bidders.

"There could be pent-up demand in the area as there have not been new project launches for many years. Thomson Grand, which is nearer to Bishan, is 100 per cent sold as of April 2012 at a median price of $1,300 psf," he added.

The tender for the site will close at 12 noon on Aug 7.

The two plots, which are under the confirmed list for the first half of the year under the GLS programme, are part of a total of 7,000 residential units to be launched for sale under the GLS programme for the first half of 2012.

[Wild Falcon]

Only say the good things. The Brighthill side is near all the Sin Ming funeral parlours known as "funeral hub" and Brighthill Temple and Brighthill Crematorium with burning of incense and dead bodies. Every time when I'm the area, could smell the air full of incense smoke and burnt matter.

[kane]

Surprising to hear tat the odd shaped plot will command more than the tanah merah rectangular plot.

[reporter2]

http://www.straitstimes.com/Money/St...ry_813323.html

Two residential sites up for tender

Published on Jun 21, 2012

By Amanda Tan


TWO residential sites set to yield about 820 new homes in total were launched for sale by public tender yesterday.

The plots - at Tanah Merah and Bright Hill Drive - are both 99-year leasehold and have been released under the first half of the Government Land Sales programme this year.

Property consultants said the 14,000 sq m plot at Tanah Merah Kechil Road is well-positioned, faces the main road and is just a stone's throw from Tanah Merah MRT station.

These attributes make it 'far superior' to a nearby site along Bedok South Avenue 3 sold in February, said Mr Eugene Lim, ERA Realty's key executive officer.

He expects six to eight bidders to vie for the site.

The bid price could fall between $500 and $600 per sq ft per plot ratio (psf ppr), assuming a selling price of $1,000 to $1,300 psf, based on current subsales in the area.

R'ST Research director Ong Kah Seng also felt that developers could take warmly to the site.

'Tanah Merah is a well-positioned, investor-tested area in the east and probably still within the affordable range for both buyers and tenants... The area is predominantly private residential, less populous than the main towns Pasir Ris and Tampines,' he said.

The 13,437 sq m plot at Bright Hill Drive could become a mid- to upscale project, Mr Lim said, given its location in a quiet estate.

'Depending on the eventual design for the development, some units might get a glimpse of the nearby Island Golf Course and Lower Peirce Reservoir,' he said.

Still, the site is irregular in shape, which could make designing it challenging.

But it is near to amenities such as Thomson Plaza and Ai Tong School, noted another consultant, Mr Lee Sze Teck.

'There could be pent-up demand in the area as there have been no new project launches for many years,' said Mr Lee, Dennis Wee Group's senior manager of research and consultancy.

He said the upcoming Thomson Grand, which is nearer to Bishan, was fully sold in April. The median price was $1,300 psf.

Moderate interest is expected for the Bright Hill Drive site, drawing some four to eight bidders, experts said.

They added that the bid price may range from $550 to $600 psf ppr, assuming a selling price of $1,100 to $1,250 psf.

The tender for the Tanah Merah site will close on July 31, while the Bright Hill one will close on Aug 7.

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