3 sites put on market could yield nearly 2,000 homes

[reporter2]

3 sites put on market could yield nearly 2,000 homes

MAY 31, 2017

Land parcel for private homes in Woodleigh Lane will draw strongest interest: Analysts

Chia Yan Min


Three sites were put on the market yesterday that could yield 1,955 homes in total.

Analysts expect one of the sites, in Woodleigh Lane, will draw the strongest interest from developers.

It is next to Woodleigh MRT station, adjacent to the Bidadari New Town and near amenities such as Nex shopping mall. Schools in the area include St Andrew's Secondary, Cedar Girls' Secondary and Maris Stella High. The 19,547 sq m site has a maximum gross floor area of 58,641 sq m.

This tender could draw about 10 to 16 bids, said SLP International research head Nicholas Mak, with a top offer in the $473 million to $524 million range, or $750 to $830 per sq ft per plot ratio.

The second site launched is at Serangoon North Avenue 1, near Chomp Chomp Food Centre, Serangoon Garden Market and Nex mall. Rosyth School, Nanyang Junior College and Lycee Francais de Singapour are also nearby.

While not close to an MRT station, the 21,494.4 sq m site is near the French international school, noted Dr Lee Nai Jia, the head of research at Edmund Tie & Company.

"It will attract young families whose parents live in Serangoon Gardens and mature families seeking to downsize from landed homes." The proposed project will also attract owners who are upgrading from HDB homes nearby, Dr Lee said. He expects the winning bid to come in around $850 to $950 per sq ft per plot ratio, or about $393 million to $439 million.

The sites at Woodleigh Lane and Serangoon North Avenue 1 are on the confirmed list.

The third plot, in Yishun Avenue 9, is on the reserve list so it goes to tender only when a developer submits an acceptable minimum bid.

The 21,514.8 sq m site is within an established HDB town and near Northpoint Shopping Centre and Junction Nine. It is also close to several schools such as Chongfu and Northland Secondary, but relatively far from Yishun MRT station, said Mr Mak. He said there are a number of large factories close by, which could lower the site's appeal.

Mr Mak said three more reserve list sites, all in more popular residential locations, will be open for application next month and could overshadow the Yishun site.

Still, the Yishun site is well connected via major arterial roads and potential upgraders might be attracted to the project given its affordability, said Dr Lee, who expects the winning bid to range from $480 to $540 per sq ft per plot ratio or about $311 million to $350 million.

The sites launched yesterday are all on 99-year leases and offered under the Government Land Sales Programme for this half of the year.