Developer has undertaken to bid at least $200 psf ppr for Serangoon condo site
For the fourth time in about a month, a 99-year leasehold site on the government’s reserve list has been triggered for release, as developers seek to replenish their landbanks with suburban condo land after the run-up in home sales.
Market watchers expect more successful applications from developers for the launch of reserve-list sites in the coming months. The latest plot is attractively located at Serangoon Ave 3. It is right next to Lorong Chuan MRT Station and not far off from the Australian International School.
A developer, not named so far, has undertaken to bid at least $83.7 million or about $200 per square foot per plot ratio (psf ppr) for the site, which consultants say can be developed into a condominium with about 300-370 units, depending on units sizes and mix.
Consultants polled by BT generally expect top bids for the plum site to be in the $350-450 psf ppr range, with resulting breakeven costs of about $700-850 psf and target selling prices of $800-1,100 psf on average. Continue reading
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