Government Land Sales of 4 Suburban Sites To Yield 2045 Private Homes

RESIDENTIAL MARKET

Sale of 4 suburban sites to yield 2,045 private homes

Four sites located in suburban areas and which can yield 2,045 private homes are being pushed out for sale to meet the continuing strong demand for property away from the city.

Two plots of land, one at Jurong West Street 41 and the other at Ang Mo Kio Avenue 2, were launched for sale yesterday under the confirmed list.

A third land parcel, also at Jurong West Street 41, was made available for application under the reserve list. Confirmed-list land goes on the market regardless of interest, while reserve-list sites need to be triggered for sale by an acceptable initial offer.

Then there is a commercial and residential site at Yishun Ring Road, which will be launched for sale by public tender on Nov 27.

All four sites will offer 99-year-leasehold homes. Property consultants say that overall, the plots should see moderately keen interest from developers.

In particular the Ang Mo Kio plot, which is expected to yield 680 homes, should be keenly contested, and may see as many as 15 bidders.

Eugene Lim, key executive officer of ERA Realty Network, said of the Ang Mo Kio site: "It is an excellent location as it is an established estate, and there have not been any new launches in that locality. It can cater to upgraders and downgraders in the locality."

The land parcel at Jurong West launched for sale yesterday should see five to 13 bidders.

The 240,661.7-sq-ft site, which has a maximum GFA 673,853.1 sq ft, could potentially have 660 homes.

It is also within walking distance to Lakeside MRT Station.

The Yishun Ring Road mixed-use plot is a 95,346.7-sq-ft site with a maximum GFA of 266,970.8 sq ft and is expected to yield 160 homes.

ERA's Mr Lim noted that the plot is the first mixed residential and commercial site released by HDB this year. "The mixed site gives developer the flexibility. Mixed developments have been popular as seen from the successes of those that have been launched in the past."

He added that the area comprises predominantly HDB flats, and the new mixed development will "add live to rejuvenate Yishun".

"The newest condominium launched in Yishun was Skies Miltonia, and it was the top-selling project for the month of October," said Mr Lim.

Source: Business Times –16 November 2012