A 99-year leasehold site at Hougang Ave 2 is now open for application from interested developers, according to the Urban Redevelopment Authority (URA).
Six new residential sites had been introduced by URA to the reserve list under the government’s land sales programme in the first half of 2010. This 3.02-ha plot at Hougang is the first to be released.
The site can accommodate a landed housing development or a low density condominium. The maximum gross floor area for condo units or flats is 455,152 sq ft.
According to Nicholas Mak, a property lecturer from Ngee Ann Polytechnic, the site could yield around 140 to 150 houses in a landed development, or 380 to 400 units in a non-landed project.
The site is close to Hougang HDB town and located within a private residential estate. Kovan and Hougang MRT stations are also located nearby.
Real estate consultants expect developers to show keen interest in the parcel of land. Ong Choon Fah, executive director of DTZ, observed that the site is located within an established landed housing estate, and residents in the area could attract a pool of potential buyers.
Mr. Mak believes that the tender could most likely be won by a developer who plans for a non-landed project on the site, as these projects can be sold for a higher price under psf basis, and has the capacity to bid more aggressively.
He expects the site to receive around four to eight bids, if it is triggered for sale. The bids could range from $159 million to $193 million, which works out to $350 psf ppr to $425 psf ppr.
URA will make the remaining five new residential sites on the reserve list available soon. It will release one at Hougang Avenue 7 and another at Stirling Road next month. One site in April and another two in May will also be released.
In addition, the government will release another four sites on the confirmed list - two in March and two in April.
Overall, the sites on the confirmed and reserve lists can supply 10,550 units - the highest number in history for the government's land sales programme.
Source : Property Guru
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment