Published 6 April 2011
The Business Times
By Kalpana Rashiwala
99-year leasehold plot is next to site that drew 9 bids in March tender
A 99-YEAR leasehold condo plot diagonally opposite Sengkang MRT Station has been made available for application under the government’s reserve list. The 2.1 hectare plot, which can potentially be developed into about 710 units, is next to an earlier condo plot clinched by Keppel Land at a state tender in March for about $502 per square foot per plot ratio (psf ppr).
While that earlier plot was on the confirmed list, where sites are launched for tender according to a pre-stated schedule regardless of demand from developers, the latest plot will be put up for tender only upon application by a developer undertaking to offer a minimum price that is acceptable to the state.
Cushman & Wakefield senior manager of Asia Pacific research Ong Kah Seng notes the keen interest for the earlier site, which had drawn nine bids with fairly narrow spreads among the top three. ‘This reflects that developers’ interest for the location is encouraging and some participants who did not secure that site may be interested in tendering for the latest plot.’
If the latest site were put up for sale today, Mr Ong reckons that it could fetch 7-10 bids, with the highest in the $470-510 psf ppr range.
The Housing & Developing Board, which is handling the marketing of the site, yesterday said: ‘This residential site is located in the heart of Sengkang, opposite the bustling Sengkang Town Centre. With its close proximity to the town centre, residents will enjoy the convenience of the integrated Sengkang MRT/LRT Station and Sengkang Bus Interchange.’
The site is also located near commercial and community facilities such as Compass Point, Kopitiam Square and Sengkang Community Hub. Nan Chiau Primary and High Schools, CHIJ St Joseph’s Convent, and Sengkang Primary and Secondary schools are within walking distance, it said.
As per the first-half 2011 Government Land Sales Programme, the Urban Redevelopment Authority will also release this month two new private housing sites under the confirmed list – at Woodlands Avenue 2/Rosewood Drive and Flora Drive in the Upper Changi area. In addition, URA will make available for application a reserve list site at Hillview Avenue. Together, the four residential sites can potentially yield about 1,885 housing units, HDB said.