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Two govt land sites for sale

SINGAPORE — Two land sites, which will be able to yield an estimated 1,000 homes when completed, will be released this month by the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB).

The Upper Serangoon site is for residential with first-storey commercial use. Photo: URA

The Upper Serangoon site is for residential with first-storey commercial use. Photo: URA

SINGAPORE — Two land sites, which will be able to yield an estimated 1,000 homes when completed, will be released this month by the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB).

The sites — a mixed-use land parcel at Upper Serangoon Road and another purely residential plot in Dundee Road — will be launched under the second half of the Government Land Sales (GLS) programme for this year.

The site at Upper Serangoon Road, which is for residential with first-storey commercial use, is for sale under the Confirmed List by the URA.

The 108,685 sqf site, located near Kovan MRT Station, has a maximum gross floor area of 326,060 sqf and can yield an estimated 340 housing units.

The tender for this site closes on Nov 13.

Mr Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants said he expects the site to attract a high level of interest from developers.

“Mixed residential-commercial developments ... near MRT stations are one of the few types of properties that could still enjoy healthy demand from buyers in the current market. Since this mixed development site is mid-sized, we expect this subject site to attract smaller developers that want to have a share in the mixed development market. Therefore, this tender could attract about 10 to 15 bids,” he said.

He added that the winning bid for this site could range between S$670 and S$721 psf ppr, or S$218.5 million to S$235 million.

The Dundee Road site, launched by the HDB under the Reserve List, is next to Queenstown MRT Station. The 113,194 sqf residential-only site has a maximum gross floor area of 554,654 sqf and is expected to yield 645 homes.

Reserve List sites are triggered for a public tender only if a developer makes an acceptable opening offer.

Mr Mak expects the top bid for this site to range between S$700 and S$770 psf ppr, or S$388 million to S$427 million.

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