Bids seen coming in at up to $560 psf ppr and $350 psf ppr respectively
TWO more 99-year leasehold residential plots were launched for sale by the government yesterday – one at Upper Serangoon Road from the confirmed list and the other at Hougang Avenue 2 from the reserve list.
The Hougang Avenue 2 site was triggered by a developer who agreed to bid at least $109.9 million for it, which works out to $241 per square foot per plot ratio (psf ppr), the Urban Redevelopment Authority said on April 7.
Analysts said then that the top bid for the site could come in at $310-350 psf ppr once the tender is launched.
The second site, between Upper Serangoon Road and Pheng Geck Avenue, is being launched in line with the schedule announced for the first-half 2010 government land sales (GLS) programme.
The site has a maximum gross floor area of 187,313 sq ft. Analysts say that it could fetch $450-560 psf ppr, which works out to a land cost of $84-105 million.
The site can be developed into a part low-rise (up to five-storeys) and part mid-rise (around 18 storeys) condominium comprising at least 150 units, said Li Hiaw Ho, executive director of CBRE Research.
‘It will be popular with home buyers and developers because of its location and proximity to an MRT station,’ Mr Li said. ‘As developers are still interested in acquiring sites, we expect it to be able to attract about 10 bids.’
Chua Chor Hoon, head of DTZ’s South-east Asia research team, said: ‘The successful tenderer is likely to build mainly small units on the site to capitalise on its proximity to the MRT. Investors would be attracted to buy them for leasing.’
Recent sub-sales at 28 Woodsville and 8@Woodleigh ranged from $884 psf to $905 psf, she said.
Eight major GLS residential sites, including an executive condominium site, will be sold between now and June 2010. In addition, two tenders set to be launched soon could close by end-June.
Analysts say that this is the highest concentration of GLS development land parcels in different locations offered for sale within a four-month period since the reserve list system was introduced in 2001.
‘The jury is still out on whether these 10 land tenders can continue to attract bullish bids or whether developers experience fatigue,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak. ‘If the highest bids in subsequent tenders display a declining pattern, the government may have achieved the first step towards moderating private home prices by using supply-side measures.’
The tender for the Hougang Avenue 2 site closes on May 20, while that for the Upper Serangoon Road/Pheng Geck Avenue plot closes on June 2.
Source : Business Times – 20 Apr 2010
Wednesday, April 21, 2010
Punggol gets two new HDB projects
ANOTHER 1,429 flats will be up for grabs in fast-developing Punggol after the HDB launched two new build-to-order (BTO) projects yesterday.
The developments – Punggol Emerald and Punggol Waves – will deliver 188 studio apartments, 201 three-room units, 609 four-room units and 431 five-room units to eager home buyers.
Yesterday’s launches are part of a broader HDB plan to launch 12,000 flats in the first three quarters of this year amid strong buyer demand. In the first four months of the year, 5,082 flats have been offered. A further 1,100 BTO units will be launched in Yishun and Jurong West next month.
More future launches have been earmarked for estates such as Bukit Panjang, Sengkang and Woodlands. Construction of BTO projects is triggered once a certain level of sales has been achieved.
Punggol Emerald – located at the junction of Punggol Way and Punggol Central – will boast 188 studio apartments, 96 three-roomers, 350 four-roomers and 222 five-roomers.
Punggol Waves, located in Punggol Walk and south of the future Punggol Town Centre, will consist of 105 three-room flats, 259 four-room flats and 209 five-room flats.
Three-roomers of 65 sq m area at Punggol Emerald are priced at $166,000 to $200,000 while those at Punggol Waves will go for $150,000 to $186,000.
Four-room flats of 90 sq m area in Punggol Emerald are going for $262,000 to $323,000 while those at Punggol Waves will cost $243,000 to $301,000.
Five-roomers of 110 sq m area will cost between $333,000 and $403,000 at Punggol Emerald and between $330,000 and $385,000 at Punggol Waves.
Studio apartments at Punggol Emerald ranging from 35 to 45 sq m will cost $73,000 to $102,000.
Both developments will incorporate eco-friendly features to achieve energy efficiency, environmental protection and other green features, such as a secondary roof system to reduce heat, as part of plans to develop Punggol as an eco-town, HDB said.
It added that the BTO supply will also be supplemented by flats under the Design, Build and Sell Scheme, with the tender of a Yishun site closing on May 18 expected to yield about 700 units.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said both projects will probably be oversubscribed, with demand among home buyers still strong.
‘Although it is not as popular as the mature estates, Punggol as a new town is growing in popularity.’ He added, however, that Punggol Waves was next to the Tampines Expressway and might therefore attract a lower subscription rate than Punggol Emerald.
Applications for the new BTO flats can be made online at www.hdb.gov.sg until May 3.
Source : Straits Times – 21 Apr 2010
The developments – Punggol Emerald and Punggol Waves – will deliver 188 studio apartments, 201 three-room units, 609 four-room units and 431 five-room units to eager home buyers.
Yesterday’s launches are part of a broader HDB plan to launch 12,000 flats in the first three quarters of this year amid strong buyer demand. In the first four months of the year, 5,082 flats have been offered. A further 1,100 BTO units will be launched in Yishun and Jurong West next month.
More future launches have been earmarked for estates such as Bukit Panjang, Sengkang and Woodlands. Construction of BTO projects is triggered once a certain level of sales has been achieved.
Punggol Emerald – located at the junction of Punggol Way and Punggol Central – will boast 188 studio apartments, 96 three-roomers, 350 four-roomers and 222 five-roomers.
Punggol Waves, located in Punggol Walk and south of the future Punggol Town Centre, will consist of 105 three-room flats, 259 four-room flats and 209 five-room flats.
Three-roomers of 65 sq m area at Punggol Emerald are priced at $166,000 to $200,000 while those at Punggol Waves will go for $150,000 to $186,000.
Four-room flats of 90 sq m area in Punggol Emerald are going for $262,000 to $323,000 while those at Punggol Waves will cost $243,000 to $301,000.
Five-roomers of 110 sq m area will cost between $333,000 and $403,000 at Punggol Emerald and between $330,000 and $385,000 at Punggol Waves.
Studio apartments at Punggol Emerald ranging from 35 to 45 sq m will cost $73,000 to $102,000.
Both developments will incorporate eco-friendly features to achieve energy efficiency, environmental protection and other green features, such as a secondary roof system to reduce heat, as part of plans to develop Punggol as an eco-town, HDB said.
It added that the BTO supply will also be supplemented by flats under the Design, Build and Sell Scheme, with the tender of a Yishun site closing on May 18 expected to yield about 700 units.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said both projects will probably be oversubscribed, with demand among home buyers still strong.
‘Although it is not as popular as the mature estates, Punggol as a new town is growing in popularity.’ He added, however, that Punggol Waves was next to the Tampines Expressway and might therefore attract a lower subscription rate than Punggol Emerald.
Applications for the new BTO flats can be made online at www.hdb.gov.sg until May 3.
Source : Straits Times – 21 Apr 2010
Subscribe to:
Posts (Atom)