Two sites in Yishun and Sengkang put up for bidding

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Two sites in Yishun and Sengkang put up for bidding

Plots on confirmed GLS list set to yield a total of about 700 homes

Published on Nov 19, 2014 1:30 AM

By Jacqueline Woo


DEVELOPERS are being invited to bid for two new sites, in Sengkang and Yishun, which are set to yield a total of about 700 homes.

The larger of the two is a 17,450 sq m executive condominium (EC) site in Anchorvale Crescent, while the other is a 9,760 sq m commercial-residential site in Yishun Avenue 4.

Both sites are on the confirmed list of the Government Land Sales (GLS) Programme for the second half of this year.

The EC site has a maximum gross floor area of 52,350 sq m, while the Yishun site's is 27,327 sq m. Both are 99-year leasehold.

The Yishun site is slated to be one of the first two GLS sites to adopt a new building method known as prefabricated prefinished volumetric construction, which involves rooms being built off-site and then stacked together as a building progresses.

The other is an EC in Canberra Drive in Sembawang.

Mr Nicholas Mak, executive director of research and consultancy at SLP International, said that the Yishun site is likely to draw a strong response from 11 to 18 bidders, with the top bid ranging from $750 to $816 per sq ft per plot ratio (psf ppr).

He noted that the smaller size of the Yishun site, compared with the other mixed-use sites under the GLS, makes it "more affordable" for small and medium-sized developers.

"In the increasingly competitive residential development market today, residential-cum-commercial developments that are reasonably priced are deemed to be a safer bet because they are more popular with home buyers and investors," said Mr Mak.

Mr Eugene Lim, key executive officer of ERA Realty, said that the sale of the site points to government efforts to rejuvenate Yishun - "an established housing estate that has somewhat become dated over all these years".

"The site's proximity to the Seletar Expressway and Tampines Expressway as well as the greenery in nearby parks will also help to make the development an attractive one," he said.

Mr Mak said the land parcel in Anchorvale Crescent is expected to draw four to eight bidders, with the winning bid ranging from $320 to $360 psf ppr.

But he added that the development could face competition as it is located in an area where an "ample supply" of ECs is yet to be launched.

These include Bellewaters, also in Anchorvale Crescent, and The Terrace in Punggol Drive.

The tenders for the two sites in Anchorvale Crescent and Yishun Avenue 4 will close on Dec 30 and Jan 15 respectively.

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Two govt sites up for tender to yield 700 residential units

By Lynette Khoo

[email protected]@LynetteKhooBT

19 Nov


THE Housing and Development Board (HDB) released a mixed-use site in Yishun and an executive condominium (EC) site at Anchorvale Crescent in Sengkang for tender on Tuesday that are estimated to yield a total of 700 residential units.

While both 99-year leasehold sites appear fairly attractive, the current unsold residential stock in their vicinity could prove to be a deterence to developers. Still, consultants are expecting the commercial-residential site at Yishun Avenue 4 to draw a high number of bids.

"We expect developers' response to the site to be fairly enthusiastic as commercial/residential developments typically sell well," said ERA Realty key executive officer Eugene Lim.

"With an estimated 180 residential units that can be built on the site, the project is not overly large and developers should be relatively confident of the response from buyers."

The Yishun plot at Yishun Avenue 4, which has an estimated gross floor area of 27,327 sq m, is the first selected government land sale (GLS) site to be adopting prefabricated prefinished volumetric construction (PPVC), on top of having to meet a certain level of prefabrication under new government rules for the built sector.

Mr Lim is expecting at least six to eight bidders for this plot with the winning bid at S$650-S$750 per square foot per plot ratio (psf ppr), going by average transacted prices of S$1,152 psf at Nine Residences and S$1,032 psf at The Estuary.

SLP International executive director Nicholas Mak was more bullish, expecting 11 to 18 parties to take part in the bidding and the top bid to range from S$750 psf ppr to S$816 psf ppr.

He noted that the Yishun site's key attractions include its wide frontage, regular plot shape, and its proximity to good schools and major expressways.

"Potential threat to this site would be commercial and residential developments that have unsold units to date," Mr Mak said, citing the 40 unsold units at Nine Residences and 20 unsold units at Skies Miltonia.

There will also be another 660 units from EL Development's yet-to-be launched condominium project, Symphony Suites, at Yishun Avenue 9.

Similarly, the Anchorvale Crescent site - which is expected to yield 525 EC units - will face competition from ample upcoming supply of EC units in the Sengkang and Punggol planning area, Mr Mak said.

There are four EC projects under development in the planning area, namely Bellewaters, The Amore, The Terrace and one other GLS site sold last November, Mr Mak said. These developments could yield an estimated 2,320 units. The number will add up to 2,470 units if unsold EC units in already launched projects are included.

Drawing reference from the previous EC site at Anchorvale Crescent acquired by SingHaiyi Group in February at S$367 psf ppr and the indicative selling prices of S$740-S$864 psf for some upcoming EC launches, Mr Mak said he expects the top bid for the new EC site at Anchorvale Crescent to fall within the S$320-S$360 psf ppr region with a total of four to eight bidders.