Tuesday, July 24, 2012

Dairy Farm plot on sale, with conditions


Straits Times: Tue, Jul 24

THE Urban Redevelopment Authority (URA) is going ahead with the sale of a contentious plot in Dairy Farm Road but has reassured residents the development will be in keeping with the area.

The site, along with another in Punggol, were both launched for sale yesterday and could yield 950 new private homes in all.

In response to queries, a URA spokesman said yesterday it has 'stipulated the necessary urban design guidelines in the land sales conditions to ensure compatibility with the surrounding low- and medium-rise developments in the area'.

'For example, the development's building height will be controlled at five to 15 storeys and the developer is required to provide lush landscaping within the required green buffers as well as the planting strips. The developer is also encouraged to provide roof gardens,' the spokesman said.

URA last month announced several changes to the building plans for the site after nearby residents wanted to stop the sale to preserve a forest there.

A proposed commercial property next to the site will also be relocated elsewhere.

The 17,546 sq m Dairy Farm Road site - slated for a private condominium - is fairly attractive, being near several schools and the future Hillview MRT station.

The development - able to yield about 390 units - will enjoy 'relatively unblocked views' and tranquillity, said Mr Png Poh Soon, Knight Frank's head of research.

Experts expect up to 10 bidders for the site, with the top bid falling between $198 million and $238 million, or between $500 and $600 per sq ft per plot ratio (psf ppr), respectively.

'There are few new launches in the area and there could be strong interest in the site... The estimated selling price could be at least $1,100 to $1,200 psf,' said Mr Lee Sze Teck, Dennis Wee Group's senior manager of research and consultancy.

Both the Upper Bukit Timah and Punggol sites have 99-year leases.

Both sites are on the confirmed list of the Government Land Sales (GLS) programme for the second half of the year. A total of about 7,060 homes will be launched under the GLS in the second half.

Property consultants said the plot at Punggol Way could attract strong interest. It is slated for an executive condominium (EC) which can yield about 560 units.

Up to 10 bids, with the top bid between $182 million and $212 million, or $300 to $350 psf ppr,are expected for the 18,748 sq m site.

Mr Png noted that it is the last EC site under the GLS programme for the second half of the year. It is near Punggol MRT station and expressways.

'The other five EC sites that were previously sold this year are located farther from MRT stations,' he said. The site is also near waterfront facilities like the Punggol Waterway Park.

Demand for EC units - a public-private housing hybrid - is expected to remain healthy as the segment serves the so-called sandwich class of home buyers, Mr Png said.

Mr Lee said EC launches within the last two years have seen strong sales. Still, he warned that the latest plot could be noisy being so near the Tampines Expressway.

The spread of launches in Punggol also means that demand might have reached saturation point, making developers more cautious with their bids.

Mr Lee said the estimated selling price of the future EC should be $750 to $800 psf.

The tender for the Upper Bukit Timah site will close at noon on Sept 11 while that for the Punggol plot will close on Sept 4.

tamanda@sph.com.sg

The 17,546 sq m Dairy Farm Road site slated for a private condominium is fairly attractive, being near several schools and the future Hillview MRT station. The development - able to yield about 390 units - will enjoy 'relatively unblocked views' and tranquillity, said Mr Png Poh Soon, Knight Frank's head of research.

  
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Email: marshe_inc@yahoo.com.sg
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