Saturday, March 30, 2013

3 sites for about 850 homes on the market

The Straits Times  |  Posted: 29 March 2013

Three residential sites have been put on the market, with the potential to yield about 850 new homes across various housing styles.

Of the three, the keenest interest will centre on a 2.1 ha executive condominium (EC) site in Woodlands Avenue 5 - likely to feature about 590 units.

This is the first new plot allocated for ECs since the property cooling measures in January, which restricted the size of EC units, a hybrid of public and private housing.

Executive director of property consultancy firm CBRE Joseph Tan said: "The level of interest for this EC site is expected to be fairly keen as ECs are not affected by the anti-speculative property measures, the Additional Buyers' Stamp Duty (ABSD) and the Loan-to-Valuation measures.

He added: "With four more EC sites to be released for the rest of 2013, the Government is showing its commitment to further regulate the pricing of ECs to ensure their prices remain affordable."

A second site, at Coronation Road, spans 3.8 ha and can fit about 140 landed housing units, the Urban Redevelopment Authority said.

Director of R'ST Research Ong Kah Seng expects five to eight bids for this plot. He said: "The primary strength of the site is good schools in the vicinity - Nanyang Primary and Hwa Chong Institution. Developer interest is expected to be warm as there should be sufficient affluent buyers interested in having a well-positioned home near good schools for convenience and potentially higher resale."

He added: "The recent measures mean that Singaporeans can only buy one ABSD-free private property so affluent buyers having a penchant for landed homes are likely to be very stringent in their selection and opt for choice landed homes in strategic locations."

The third site, at Jalan Bunga Rampai in Bartley, is 0.47 ha. The site, on the city fringe, can accommodate around 115 housing units. Mr Nicholas Mak, research head at property firm SLP International, expects six to 12 bids for the plot. "The likely land price is $520 to $570 psf per plot ratio, and could attract smaller developers due to its small size."

All three sites have a 99-year lease period.

The tender for the land parcel at Woodlands will close on May 9, while the deadline for the plot at Coronation Road is on June 20.

The site at Jalan Bunga Rampai was made available for application yesterday on the reserve list. This means it will be put up for tender only if a developer makes an acceptable initial offer.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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