Thursday, September 3, 2009

Land parcel withdrawn

THE Housing and Development Board (HDB) withdrew a Tampines commercial site from the Government Land Sales (GLS) programme's Reserve List as it will be "affected by future infrastructure works".

The 54,400 sq ft land parcel near Tampines bus interchange was originally proposed as a commercial office development with a permissible total gross floor area of 228,479 sq ft.

In an emailed reply to Today's queries, the HDB said that it is "unable to reveal the details of the infrastructure work affecting the site and any possible impact at this juncture".

Meanwhile, some analysts told Today that while the GLS Confirmed List has been suspended, there had hardly been a tender for any of the other five commercial sites on the GLS Reserve List. A site on the list will be released for tender only when an interested party submits an application with a minimum price acceptable to the Government.

Said PropNex's investment sale and commercial head Charles Chua: "there is also a glut in 2011 and 2012" of Grade A offices.

Ngee Ann Polytechnic lecturer Nicholas Mak said the commercial sector is unlikely to attract bidders unless they have a "very" long-term view or the sale price is very low.

Source: Today, 3 Sep 2009

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