URA puts up private housing site near NEX for public tender

SINGAPORE — A land parcel for private residential development near the NEX shopping mall in Serangoon has been launched for sale from the Reserve List of the Government Land Sales (GLS) programme for the second half of this year, the Urban Redevelopment Authority (URA) said yesterday.

The 99-year leasehold site in Lorong Lew Lian sits on about 150,700sqf and has a plot ratio of three. With a maximum permissible gross floor area of about 452,138sqf, the site can yield about 465 homes, the URA said.

The government land sales agent had announced on Sept 22 that it had received an application from a developer for the site to be put up for public tender after it committed to a bid of at least S$250 million. Developers are expected to be drawn to the site’s location within an established residential estate, analysts said.

Located near Serangoon Town Centre, NEX and Heartland shopping malls, the development on the site offers residents good accessibility to Upper Serangoon Rd, Upper Paya Lebar Rd and the Central Expressway, while the nearby Serangoon MRT Station will provide easy access to all parts of the island. Schools in the vicinity include Paya Lebar Methodist Girls’ Primary and Secondary schools, Maris Stella High and Nanyang Junior College. Residents can also enjoy recreational facilities at nearby Serangoon Sports Stadium and Swimming Complex.

“This location is pretty attractive, with major road connectors for drivers and bus stops, and the MRT for others. There is also demand in this location given no projects within a 1km radius over the past two years,” said Mr Ku Swee Yong, chief executive of property firm Century 21. “Meanwhile, there are some developers who are short in terms of their land banks and will be interested. The mid-sized development means that the price is not prohibitive and many developers can participate.”

Mr Ku said the land parcel will likely receive 10 or more bids when the tender closes on Nov 5, with the best bid estimated at S$800 a square foot per plot ratio, or about S$362 million. He estimated the selling price of the units to start at S$1,150 a square foot.