THE Urban Redevelopment Authority (URA) has accepted an application from a developer to tender a residential site at Hougang Avenue 2.
The 99-year-leasehold plot is on the reserve list of the first-half 2010 government land sales (GLS) programme.
The tender will be launched in two weeks.
URA said yesterday it has received a minimum bid of $109.9 million for the 3.02ha site from an unnamed developer.
This works out to $241 per square foot per plot ratio (psf ppr).
The site, which has a maximum gross floor area of 455,152 sq ft, is slated for a low-density condominium, flats or landed housing.
Analysts say that assuming that a low-rise condominium of around 400 units is be built, the top bid could be $310-$350 psf ppr.
This works out to $141-$159 million for the site.
Alternatively, around the same land price about 200 cluster housing units can be considered.
CB Richard Ellis said recent launches in the area include the 81-unit Residences Botanique and the 33-unit Wembley Residences, where homes sold on average for $990 psf and $850 psf respectively in the past six months.
Freehold terrace and semi-detached houses in new cluster projects in the neighbourhood, such as Jansen 8, Water Villas and Verdana Villas, were sold at $1.8 million to $3 million.
URA said yesterday that another 13 sites on the reserve list of the first-half 2010 GLS programme can be triggered for sale – including two executive condominium sites and two mixed-use sites where 5,885 private residential units can potentially be built.
Source: Business Times, 8 Apr 2010
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