Thursday, June 23, 2011

Two choice sites in Serangoon for sale

TWO choice sites in Serangoon are up for sale, with experts expecting healthy interest despite the recent bumper land supply rolled out by the Government. The sites, both of which are 99-year leasehold plots, can yield about 410 homes in total a...
TWO choice sites in Serangoon are up for sale, with experts expecting healthy interest despite the recent bumper land supply rolled out by the Government.


The sites, both of which are 99-year leasehold plots, can yield about 410 homes in total and are on the confirmed list of the government land sales (GLS) programme for the first half of the year.


A 0.87ha site at the junction of Upper Serangoon Road and Pheng Geck Avenue, next to Potong Pasir MRT station, can accommodate about 330 flats in blocks of up to five storeys.


The other sale site is a 2.84ha plot at Serangoon Garden Way and is zoned for landed housing. About 80 homes can be built on it, but strata-landed houses will not be allowed, the Urban Redevelopment Authority (URA) said yesterday.


Experts expect this site to receive a lot of interest, as demand for such properties has been strong given the limited supply.


Mr Nicholas Mak, head of research at SLP International, said that landed home prices have risen by 70 per cent in the past two years.


Bids of $480 to $520 per sq ft (psf) of land area - or up to about $160 million - can be expected, with between six to 12 bidders, Mr Mak said.


Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, expects bids to come in above $100 million - or around $320 psf of land area.


The site's proximity to the Central Expressway is a drawback as some homes could be affected by noise and dust pollution, experts said.


Mr Ong added: 'Nevertheless, as the market has been starved of landed housing sites and this is a Serangoon Garden location, we are likely to see fair interest.'


The last landed housing site put on sale was in September last year at Sembawang Greenvale. The plot, which could accommodate 115 homes, went for $546 psf of land area on average.


Another site at the junction of Chestnut Avenue and Almond Avenue that can fit 35 landed homes is expected to go on sale in October.


Mr Ong said the other Serangoon site is also expected to receive up to eight bids. However, developers are likely to be more cautious in view of the growing supply from earlier GLS tenders, impact from the possible raising of the HDB income ceiling and the increased supply of build-to-order flats, he said.


Mr Ong expects a top bid of $500 to $600 psf per plot ratio (ppr) - or up to $196 million.


This unit price is in line with the $607 psf ppr bid received for a nearby site sold in June last year, which has since been developed into Nin Residence

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