Government releases two residential sites for tender

THE government has put a site at Jalan Eunos up for tender - the fourth residential plot from the confirmed list to be launched this month.

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