Friday, August 24, 2012

3 residential sites put up for tender


Straits Times: Fri, Aug 24

THREE residential sites - two for private flats and one for an executive condominium - were launched for sale by public tender yesterday.

The plots - in Tanah Merah, Redhill and Woodlands - are all on 99-year leases and could yield about 1,600 units in total.

The 31,881.6 sq m site in New Upper Changi Road was one of two in the area that residents had petitioned the Government to keep undeveloped.

The other site is at the junction of New Upper Changi Road and Bedok South Avenue 3 and is on the reserve list of the government land sales programme.

It will be put up for sale if a developer makes an acceptable minimum bid.

It was reported yesterday that a group of more than 40 Limau Estate residents had failed in their bid to stop the plots from being put up for sale.

A spokesman for the Urban Redevelopment Authority (URA) yesterday said the Ministry of National Development had on Monday turned down the appeal - lodged by Dr Mohamad Maliki Osman, MP for the area, on behalf of the residents.

"We are unable to defer the release of the sites for sale as the development of these (sites) is intended to meet the growing housing demand," the spokesman said.

Property experts expect some of the bigger developers to bid for the New Upper Changi Road site, which is near Tanah Merah MRT station and is able to accommodate about 540 units.

Credo Real Estate executive director Ong Teck Hui said competitive bidding is expected for the plot, especially from developers who failed to clinch a nearby site sold earlier this month.

"However, bidders will be mindful of the time advantage that the earlier site has in launching the project," he said.

Experts expect between five and 12 bidders, with the top offer coming in at between $550 and $700 per sq ft per plot ratio (psf ppr).

A condo site in Prince Charles Crescent in Redhill, also launched by the URA, can yield about 590 units on its 23,785.4 sqm.

It was triggered for sale after a developer agreed to bid at least $390 million.

Experts tip moderate interest of between six and 12 bidders with a top offer ranging from $720 to $950 psf ppr.

Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy, said bids are likely to be cautious, given the performance of projects in the central region, for instance. The quantum of the bid will limit it to bigger developers only.

The Housing Board has launched a 16,505 sq m site at the junction of Woodlands Avenue 6 and Woodlands Drive 16, earmarked for an exec condo of about 465 units.

Mr Ong noted that "Woodlands is a relatively under-supplied EC (exec condo) sub-market".

The highest bid - from three to seven developers - could come in at between $300 and $350 psf ppr, experts said.

  

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