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Thread: Launch of mixed-use site in Bidadari deferred

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    Default Launch of mixed-use site in Bidadari deferred

    http://www.straitstimes.com/business...adari-deferred

    Launch of mixed-use site in Bidadari deferred

    Dec 30, 2016

    Wong Siew Ying


    The sale by tender of a mixed commercial and residential land parcel in the upcoming Bidadari housing estate has been deferred, it was announced yesterday.

    The site, which can yield 825 private homes and 15,000 sq m of commercial space, was due to be put on the market this month.

    It will now go up for tender by the end of the first quarter next year, said the Housing Board (HDB), which added that the deferment was to "allow the site requirements for comprehensive development to be finalised".

    Spanning 2.55ha, the Upper Serangoon Road plot was on the confirmed list of the Government Land Sales Programme for this half of the year. It is next to Woodleigh MRT Station and is the first sale site at Bidadari - a new public housing estate envisioned to be a "community in a garden", with lush greenery and car-lite features.

    SLP International Property Consultants research head Nicholas Mak noted that it is "very unusual" for the Government to defer the launch of a confirmed list site so near the scheduled tender time.

    "The Government may require the developer to build certain facilities - perhaps a park or a childcare centre or a public library - that would serve the residents," said Mr Mak.

    Details of site requirements are scant, apart from what was announced in the Government Land Sales programme in June.

    It was stated then that the developer would have to build about 8,200 sq m of gross floor area in the development for "integrated community and institutional uses".

    There was also a cap on the gross floor area of retail space at 15,000 sq m.

    Analysts expect the site to draw keen interest from developers given its attractive location and potential demand from prospective home buyers.

    "There has been overwhelming response for the Build-to-Order HDB flats released in Bidadari. Buying interest is definitely expected to be strong from home buyers for private residential properties in Bidadari as well," said R'ST Research director Ong Kah Seng.

  2. #2
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    Default Govt defers launch of Bidadari mixed-use site to Q1 2017

    http://www.businesstimes.com.sg/real...ite-to-q1-2017

    Govt defers launch of Bidadari mixed-use site to Q1 2017

    Consultants' views are mixed over whether the deferment would affect what was previously forecast to be keen demand for the site

    Friday, December 30, 2016

    by Lee Meixian

    [email protected]

    @LeeMeixianBT


    THE launch of a plum commercial and residential site in Bidadari Estate along Upper Serangoon Road that property consultants had been very bullish on has been deferred until the first quarter of 2017.

    The site was originally slated for launch this month under the confirmed list of the second-half 2016 Government Land Sales (GLS) programme.

    With two days to the end of the year, however, the HDB announced the deferment and said that it was to "allow the site requirements for comprehensive development to be finalised". This surprised consultants. SLP International executive director Nicholas Mak said that the deferment could be because the site is important to the development of the up-and-coming Bidadari housing estate. "The government may require the developer to build certain facilities that would serve the residents," he said.

    Many consultants cannot recall a launch being deferred so close to its launch date before. That said, there have been a few previous instances of deferments of the launch of GLS sites, though they are few and far between.

    JLL's Singapore research head Tay Huey Ying noted that there was a hotel sale site at Kallang River which was originally scheduled to be made available on the reserve list in December 2008. This was deferred to June 2009 to allow for more time to finalise the detailed planning and development conditions of the site in relation to the broader plans for Kallang Riverside.

    Mr Mak also noted other tweaks the government had made to its lists of sites in previous years' GLS programmes. For example, a Marina View/Union Street white site was removed from the H1 2015 reserve list for a review of its development plans. It was subsequently replaced by a Central Boulevard white site in the reserve list in H2 2015.

    Another example is an existing condominium site at Stirling Road, which was formerly two adjacent sites called Stirling Road (Parcel A) and Stirling Road (Parcel B) in the reserve list of H2 2010 until H2 2011. They were merged into one site in the H1 2012 reserve list. The merged site is still on the reserve list.

    Property market observers had been agog on this choice mixed-use Bidadari site right next to Woodleigh MRT Station in June, when it was first unveiled. The site will provide retail amenities for the future live-in population of the Bidadari HDB estate, and will be integrated with about 8,200 square metres (sqm) of community and institution uses - possibly a future community club.

    Consultants had expected the land parcel to fetch five to 18 bids. Their forecasts for the highest bid ranged from S$750 to S$920 per square foot per plot ratio (psf ppr).

    Responding to Thursday's news, consultants had mixed opinions over whether the deferment would affect demand for the site.

    JLL's Ms Tay belongs to the camp that believes it will not affect demand, saying: "This is a keenly awaited site and we expect it to remain a crowd-puller in spite of the deferment. Not only is it well-located next to Woodleigh MRT station, it is also the first sale site at Bidadari - a new housing sub-market in the making and where build-to-order (BTO) sales have consistently received keen response."

    Mr Mak was not sure: "We are not certain whether this deferment of the tender launch of this subject site will affect the final land price unless we are able to compare all the specific terms and conditions regarding the sale and development of this site before this deferment, and when it is eventually launched for sale. Since the tender for this site is deferred before it was launched, the original detailed terms and conditions have not been made public yet."

    R'ST Research director Ong Kah Seng thinks the deferment could be good for the site. Delaying the sale of the site and consequently also the project launch date could bode well for developers, who may see more demand coming from the nearby BTO flat owners in Bidadari, especially those who have completed their minimum occupation period and would like to upgrade or invest in a private residential property in the vicinity.

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