Tag Archives: Havelock Road

URA releases hotel site at Havelock Road

The government has released a hotel site at Havelock Road for application from interested developers.

In a statement, the Urban Redevelopment Authority (URA) said it has released the detailed sales conditions for the land parcel, which consists of three conserved warehouse buildings fronting the Singapore River.

The plot is on the Reserve List for the first half 2013 Government Land Sales (GLS) Programme.

URA expects the conserved buildings to be developed into a boutique hotel.

Unlike the usual hotel land parcels, the plot has a land tenure of 60 years, compared to the usual 99 years.

With a land area of about 1,536.2 square metres, the hotel site can generate a maximum permissible gross floor area of 2,145 sqm, said URA.

Nicholas Mak, executive director of SLP International Property, said the site could attract top bids ranging from S$18.5 million to S$20 million if it is launched for sale on Thursday.

As the total investment amount is not excessive, he expects several small hotel developers and operators to put in their bids.

But he warned that the warehouse buildings would not offer much economies of scale, given that only about 35 hotel rooms in total could be developed.

Source – URA – 28 Jun 2013

Advertisements

Govt releases 31 sites under GLS Programme

The Government today announced the second half 2013 (2H2013) GLS Programme. Comprising 11 Confirmed List sites and 20 Reserve List sites, the GLS programme can yield up to 14,200 private residential units, including 3,300 Executive Condominium (EC) units, 268,000 sqm gross floor area (GFA) of commercial space and 960 hotel rooms (see Appendices 1 & 2). Supply from the GLS programme, together with projects in the pipeline, is assessed to be more than adequate to meet the continuing demand for private housing and commercial space.

The Confirmed List contains 10 private residential sites (including 5 EC sites) and 1 commercial site. These sites can yield about 6,000 private residential units (including 2,800 EC units) and 69,000 sqm GFA of commercial space.
The Reserve List contains 14 private residential sites (including 1 EC site), 1 commercial & residential site, 1 commercial site, 1 White site and 3 hotel sites. These sites can yield about 8,200 private residential units (including 500 EC units), 199,000 sqm GFA of commercial space and 960 hotel rooms.

Supply of Private Housing
The Confirmed List contains 10 private residential sites, including 5 EC sites. All of these sites are located in the Outside Central Region and the Rest of Central Region, where more affordable private housing is expected to be built. The supply of about 6,000 private residential units (including 2,800 EC units) comes on top of the record high supply of 100,600 units (including ECs) in the pipeline, of which 39,000 units still remain unsold as of the first quarter of 2013.

The Government will continue two initiatives which were introduced in the 1H2013 GLS Programme to encourage more prudent bidding by developers. First, the batched tender closing date system will be applied on two pairs of sites on the Confirmed List. Sites in each pair are adjacent to each other, and of a similar size and unit yield. The first pair is located at Upper Serangoon View and meant for private residential developments; the other is at Choa Chu Kang Grove and meant for EC developments.
Second, the Government will continue to require developers of EC sites to only launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. This requirement will be applied on all the EC sites offered in the 2H2013 GLS Programme.

Supply of Commercial Space
The Government is releasing a commercial site at Woodlands Avenue 5 for sale on the Confirmed List of the 2H2013 GLS Programme to kick-start the development of Woodlands Regional Centre. Woodlands Regional Centre will anchor the recently announced North Coast Innovation Corridor, which aims to introduce more jobs near homes in the north of Singapore. This site will provide 66,000 sqm GFA of office space to meet business needs, and 3,500 sqm GFA of ancillary retail space.

Supply of Hotel Rooms
The hotel site at Victoria Street, which was made available for sale through the Reserve List in November 2012, will be removed from the Reserve List to facilitate a review of the land use intention for the site. Three remaining hotel sites at Race Course Road, East Coast Road and Havelock Road, with a total estimated yield of 960 rooms, will be carried over from the 1H2013 Reserve List.

Other Government Supply to be Made Available in 2H2013
Apart from the GLS Programme, the Government also makes available other supply of land and properties through its various agencies to meet economic or development objectives. This includes localised retail facilities at parks, MRT stations and community centres, and leasing of vacant state properties for commercial uses.

Source -URA – 25 jun 2013