Three Sites for 845 Private Homes / ECs Released

Source: Business Times – 29 March 2013

Three 99-year leasehold sites that can yield about 845 private homes and executive condominiums (ECs) have been released, with one of the plots in Bukit Timah singled out by analysts for its rarity and location.

Yesterday, the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) released two sites – one at Coronation Road and the other at Woodlands Avenue 5 – under the Government Land Sales (GLS) programme.

It made another site at Jalan Bunga Rampai available for application on the Reserve List.

Most analysts expect the land parcel at Coronation Road to see the strongest demand, with 5-17 bidders, primarily because of a lack of supply of landed sites and its prime location.

The plot, which is about 403,000 square feet and can yield about 140 landed homes, sits within a private landed estate. It is near Nanyang Primary School and Hwa Chong Institution.

For the plot at Woodlands Ave 5, which has a maximum gross floor area (GFA) of about 633,000 sq ft, planners expect it to yield about 590 executive condominiums.

Consultants were mixed in their assessment of the site, expecting 4-8 bids of between $300 and $340 per sq ft per plot ratio (psf ppr).

A potential dampener highlighted was the limit introduced in January’s cooling measures on developers for future EC sale sites from the GLS programme to launch units for sale only 15 months from the award of the sites or after foundation works are completed, whichever is earlier.

But analysts also pointed to the site’s longer-term potential as part of the future North Coast Innovation Corridor, targeted as an area of economic growth in the recent Land Use Plan.

The Jalan Bunga Rampai site has a maximum GFA of about 105,000 sq ft and can yield about 115 units. It could see 5-12 bids, consultants say.

The tenders for the Coronation Road and Woodlands Ave 5 sites will close on June 20 and May 9, respectively.

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