The 99-year leasehold land parcel can yield 525 low-rise housing units and is permitted a maximum gross floor area of 57,766 sq m.

The developer can opt to build landed homes of up to three storeys on the site, which is near the Eunos flyover.

The sale tender was launched by the Government yesterday.

CBRE Research executive director Li Hiaw Ho said the site is likely to fetch a land price of $218 million to $249 million, or $350 to $400 per sq ft per plot ratio (psf ppr). He said a low-rise condo on the site can probably fetch $850 psf on average.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak expects the site to attract lower bids of $280 to $320 psf ppr.

‘Developers may not want to bid very aggressively, given that there will be many sites coming up for sale,’ he said.

Yesterday, the Urban Redevelopment Authority also made available another residential site for sale if developers show interest.

This 1.8ha site is at the junction of Buangkok Drive and Sengkang Central, and is near the Buangkok MRT station. With a maximum gross floor area of 55,027 sq m, it can yield 495 apartments.

In response to the strong demand for private homes – and the resulting demand for land from developers – the Government has placed a record 31 sites on its land sales programme for the second half of the year.

The tender for the Jalan Eunos site closes on Sept 7.

Source: Straits Times, 21 Jul 2010

On top of this, it has made a plot on the reserve list at Buangkok Drive/Sengkang Central available for application. The two sites will add an estimated 1,020 units to the residential supply pipeline if they are sold.

The Urban Redevelopment Authority (URA) released details of the sites yesterday. The 99-year leasehold plot at Jalan Eunos is 4.1 hectares and can be developed into a condominium, or landed or strata landed housing project.

The site has a maximum permissible gross floor area (GFA) of 621,787 sq ft for a condominium project, potentially yielding 525 units.

It is next to the Pan-Island Expressway and some distance from the Eunos and Kembangan MRT stations. Nature lovers are likely to appreciate having Bedok Town Park and the Siglap Park Connector nearby.

Knight Frank consultancy and research manager Ong Kah Seng expects about five developers to show interest in the site. The winning bid could range from $380-420 per sq ft per plot ratio (psf ppr).

Interest for state land is ‘expected to moderate in view of the substantial supply available’ through the second-half 2010 government land sales (GLS) programme, Mr Ong said. Nevertheless, developers that need to replenish land banks are likely to ‘remain open in acquiring sites with potential’.

CBRE Research executive director Li Hiaw Ho believes the site could draw bids of $350-400 psf ppr.

Over at Buangkok Drive, interested developers can start submitting applications for a 99-year leasehold 1.8 ha site. It has a maximum GFA of 592,305 sq ft and can accommodate an estimated 495 units.

The plot is near Buangkok MRT station. It is also not far from Punggol Park and several schools such as Nan Chiau High and North Vista Primary.

Knight Frank’s Mr Ong expects ‘modest interest’ in this site, as two other plots for executive condominiums were launched in the vicinity in H1.

URA reiterated yesterday that the second-half GLS programme will have 18 residential sites on the confirmed list and another 13 on the reserve list, which can generate 13,905 units in all.

Later this month, URA will launch a confirmed list white site – at Peck Seah and Choon Guan streets – for sale.

Source: Business Times, 21 Jul 2010

The plot, with a 2.5 plot ratio, is being offered on 60-year-leasehold tenure and is designated for Business 2 use, which means it can be developed for various uses such as light and general industry, warehousing, utility or telecommunications.

The tender for the land parcel will close on Sept 14.

Colliers International director (industrial) Tan Boon Leong expects the site to fetch bids of $60-$70 per square foot of potential gross floor area, or $48.5 million to $56.5 million.

The unit land price is below the $105 per square foot per plot ratio (psf ppr) fetched for a 30-year-leasehold Business 2 plot at Kaki Bukit Road 2 sold by the government in August last year.

‘The earlier site was better located, in the main thoroughfare of the Kaki Bukit industrial area. It was also much smaller at about one hectare and a lower plot ratio of 1.0, resulting in the gross floor area of 115,384 sq ft, compared with 807,833 sq ft for the latest plot. For these reasons, I expect the latest site to fetch a lower unit land price despite its longer leasehold tenure.’

Mr Tan also believes that the confirmed-list site at Kaki Bukit Avenue 4 will fetch lower bids than a 3.5ha Business 1 site at Ubi Road 1 that was launched for tender in June and whose tender will close on Aug 11. The 60-year-leasehold plot, with 2.5 plot ratio, may fetch bids of $80-$90 psf ppr, he forecasts.

‘It enjoys a choice location, about 200-300 metres from Tai Seng MRT Station,’ Mr Tan notes.

The Ubi site was released under the confirmed list of the government’s first-half 2010 industrial land sales programme.

The second-half confirmed list has three sites. Besides the Kaki Bukit Avenue 4 plot which has just been released, a site at Yishun Street 23 and another plot at Old Toh Tuck Road will be launched for sale in August and October this year respectively. Both are zoned for Business 2 use.

In addition, the reserve list will offer seven industrial plots in locations such as Woodlands, Tuas View, Kaki Bukit, Ang Mo Kio, Pioneer Road North, Ubi and Serangoon North.

While the government releases sites on the confirmed list according to a pre-stated schedule, it launches sites on the reserve list only upon application by developers.

Source: Business Times, 20 Jul 2010

It’s one of three industrial sites scheduled to be sold under the Confirmed List in the second half of the government’s Industrial Land Sale Programme.

The Urban Redevelopment Authority said the land parcel at Kaki Bukit has a site area of about 3 hectares and has a maximum gross plot ratio of 2.5 with a lease period of 60 years.

It has been set aside for “Business 2″ development where the site can be developed for various functions like light and general industry, warehousing, utility or telecommunication. The tender will close on Sept 14.

Source: Today, 20 Jul 2010

One of the sites, at Jalan Eunos, is launched for sale under the Confirmed List of the Government Land Sales (GLS) programme.

The other site located at Buangkok Drive and Sengkang Central is being made available for sale under the Reserve List.

A Reserve List site will be released for sale if a developer commits to putting in a minimum bid acceptable to the government.

Together, URA said both sites can potentially yield about 1,020 housing units and will provide developers and home buyers with more choices.

The two sites have a lease period of 99 years.

For the land parcel at Jalan Eunos, the site is about 4.1 hectares in size, with a maximum permissible gross floor area of 57,766 square metres.

The land parcel at Buangkok Drive and Sengkang Central, spanning 1.8 hectares, has a maximum permissible gross floor area of 55,027 square metres.

URA added that 20,175 units made available for the whole of 2010 under the Government Land Sales programme is the highest potential supply in the history of the GLS Programme.

Source: Channel News Asia, 20 Jul 2010

BBR said it aims to develop a low-rise condominium project on the over 9,000 square metre site which currently houses Goodrich Park Condominium.

Under the URA 2008 Master Plan, the site is zoned for residential development with an allowable height of up to 5 storeys and a Gross Plot Ratio of 1.4.

Based on this plot ratio, BBR said the cost of the land works out to about S$629 per square foot per plot ratio.

By including an additional 10 per cent of balcony gross floor area, the cost will be about S$572 per square foot per plot ratio.

BBR said development charges are not payable for the redevelopment of this site.

The group intends to develop a 5-storey condominium comprising some 120 units of around 1,200 square feet each, due to be completed by the end of next year.

BBR’s order book stood at S$520 million as at May 11 this year.

New projects won since then have boosted its gross order book to approximately S$605 million, mainly from civil engineering and building projects in Singapore and Malaysia.

Source: Channel News Asia, 12 Jul 2010

BOUTIQUE developer BS Capital has bought a freehold site at Kim Keat Road-Lorong Ampas for just over $36 million or $670 per square foot of potential gross floor area, including an estimated development charge of almost $25 million.

The Colourscan building now stands on the 32,544 sq ft site, but the Urban Redevelopment Authority has approved rezoning from Business 1 to residential use with 2.8 plot ratio – the ratio of maximum potential gross floor area to land area.

BS Capital plans to develop a 20-storey project with about 160 apartments – mostly studios, and one and two-bedders – ranging from about 400 to 700 sq ft per unit.

There will also be some four and five-bedroom penthouses, said the company’s chief executive, Chin Teck Chuan.

The plan is to launch the proposed District 12 residential project within six months.

‘We’re targeting an average price of about $1,300-1,400 psf,’ Mr Chin told BT yesterday.

The property was sold by Colourscan in a deal brokered by Colliers International.

Balestier has been gradually transformed into a vibrant and modern area, with a number of new residential projects and a commercial development slated to be completed in the next few years, said Colliers executive director of investment sales Ho Eng Joo.

In April, BT reported that the freehold Diamond Tower in Jalan Rajah, also in the Balestier area and District 12, was sold for $49.6 million or $652 psf per plot ratio including DC through a collective sale.

The Diamond Tower site is 27,323 sq ft and is zoned for residential use with 2.8 plot ratio.

Buyer EL Development plans to redevelop the site into a new apartment block with about 100 units comprising one, two and three-bedroom units.

BS Capital also developed The Lumiere off Shenton Way.

It plans to release for sale soon the final 55 apartments, which are on the 34th floor and above.

‘Most of the units will be priced at $2,500 psf or more,’ Mr Chin said.

The 99-year leasehold project, which is 45 storeys high, has ground floor retail space and 168 apartments.

The development is expected to receive Temporary Occupation Permit next month.

Source: Business Times, 6 Jul 2010

(SINGAPORE) The government yesterday rolled out for sale three plots of land across the island, potentially adding some 1,300 units to the residential supply pipeline.

The blitz of sites followed the release of new data showing public and private home prices continuing their ascent in the second quarter.

The three sites at Bedok, Yishun and Jurong West are from the confirmed list under the government land sales (GLS) programme in the second half of the year. The Housing & Development Board (HDB) is handling the tenders.

Of these sites, the 99-year-lease one at New Upper Changi Road/Bedok North Drive attracted the most attention because it can house a commercial-residential development which will be integrated with a bus interchange.

The 2.49 hectare site is at Bedok Town Centre, next to Bedok MRT Station, and is surrounded by amenities such as supermarkets and a library. It has a maximum permissible gross floor area (GFA) of 938,157 square feet and can yield an estimated 475 dwelling units.

DTZ South-east Asia research head Chua Chor Hoon believes this plot is the most attractive of the three because it is centrally located in a well populated town. Also, ‘there are only a few mixed sites available at the heart of HDB estates in the GLS programme’, she said.

Cushman & Wakefield managing director Donald Han added that Bedok still lacks a major retail centre, so there could be fairly fierce bidding for the site, in the range of $500-580 per sq ft per plot ratio (psf ppr).

Colliers International investment sales executive director Ho Eng Joo expects to see bids coming in at $500-550 psf ppr. The tender for the site will close on Aug 17.

Another 99-year-lease land parcel at Miltonia Close can be developed into a strata housing community, or a condominium project with 345 units and a maximum permissible GFA of 406,875 sq ft. It lies at the fringe of Yishun Town Centre and is next to The Shaughnessy terrace house project.

While the plot may not be near an MRT station, its views of Lower Seletar Reservoir and Orchid Country Club’s golf course may be a selling point, Mr Ho said. He projects bids of $300-350 psf ppr, while Mr Han is anticipating $270-320 psf ppr. The tender for this land parcel closes on Aug 24.

There was little hype over the third site at Jurong West Street 42, which is for an executive condominium project and is some distance from Lakeside MRT Station. It has a 99-year lease and can yield an estimated 460 units with a maximum permissible GFA of 542,988 sq ft.

Mr Ho and Mr Han expect to see bids of $230-280 and $250-300 psf ppr respectively. The tender for this site closes on Aug 12.

With more land parcels to be released, Mr Ho believes developers will be less aggressive in their bids. This month, the Urban Redevelopment Authority (URA) will be launching another two sites from the confirmed list, and making one from the reserve list available for application.

Mr Han added that the Miltonia Close and Jurong West sites just released by HDB are right next to other plots which can be launched for sale in future. The presence of such potential competition may make developers more price-sensitive when submitting their bids, he said.

The government has been ramping up land supply in the last few months to temper sentiment in the property market. Flash estimates yesterday showed private home prices rising 5.2 per cent in Q2 from Q1, and HDB resale flat prices increasing 3.8 per cent.

Source: Business Times, 2 Jul 2010

SLA has terminated its contract with YESS Resorts and Country Club, which had converted the national monument into a country club.

YESS had taken over the premises in 2007 for a monthly rent of $40,000.

This was also the first time a preserved monument was tendered out by the SLA.

YESS had proposed to transform the place into the multi-purpose Admiral Country Club, with family-oriented leisure and entertainment activities.

SLA said it had to terminate the contract after non-payment of rent, despite repeated warnings.

But it agreed to allow all six of sub-tenants to remain until early-2011 on compassionate grounds.

SLA will take over operations of place until the re-launch of the tender.

Source: Channel News Asia, 1 Jul 2010

The Ministry of Trade and Industry (MTI) has launched its Industrial Government Land Sales programme for the second half of 2010.

There will be three sites in the Confirmed List and seven sites in the Reserve List, with a total site area of 19.92 hectares.

The three sites on the Confirmed List are at Kaki Bukit Avenue 4, the plot at the junction of Yishun Street 23 and Yishun Avenue 9, and the land parcel at the junction of Old Toh Tuck Road and Toh Tuck Avenue.

MTI will also introduce four new sites on the Reserve List at Woodlands Avenue 12, Tuas View Square, Kaki Bukit Road 4 and Ang Mo Kio Street 62.

In addition, three sites from the first half of the 2010 Reserve List will be carried forward to the second half of the year.

Source: Today, 30 Jun 2010