Demand for residential land has spread from the non-landed to the landed sector. For the first time this year, a developer has triggered for sale a government landed housing site, and consultants are expecting to see some competition for the plot.
The 99-year leasehold parcel on Westwood Avenue, Jurong West, is on the government reserve list and has a site area of 14,098.9 square metre. The plot is surrounded by other landed estates such as Westwood Park, The Floravale condominium, and is near the Pan-Island Expressway.
An unnamed developer has committed to bid at least $15 million or $99 per square foot of land area for the site. HDB will launch the tender for the plot in about two weeks. Property consultants expect to see at least five bids for the site.
DTZ head of South-east Asia research Chua Chor Hoon reckons that there would be around 10 bids. ‘There are not many landed homes in the west, and there is demand not just from HDB upgraders, but also from those working nearby in Nanyang Technological University and the industrial estates,’ she says. Continue reading
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