Tag Archives: Land Sales

Sengkang Square/Compassvale Drive land plot receives 5 bids

Posted on 1 Jun 2012 | Comments Off on Sengkang Square/Compassvale Drive land plot receives 5 bids

A total of five bids were received by the Housing and Development Board (HDB) in the tender for a land parcel at Sengkang Square/Compassvale Drive.

The site, which has a gross floor area of over 22,000 square metres or a maximum gross floor area of over 67,000 square metres, is planned for a private housing development.

According to provisional results, the top bid came from local builder, EL Development for S$383 million.

This works out to S$528 per square ft.

The bid was 5.2 per cent higher than the S$501.76 per square ft per plot ratio paid by Keppel Land Realty Pte Ltd for the adjacent site where The Luxurie is currently being built on.

EL Development’s bid is some 10.2 per cent and 12.7 per cent above the second and third highest bids.

Property consultant Colliers estimated a breakeven cost of S$950-S$980 per square ft and estimated the selling price of the development to be above S$1,100 per square ft.

Typical three-bedroom units at the adjacent The Luxurie were transacted at S$920 to S$1,100 per square ft since the beginning of the year until May.

Although five bids were submitted for the site, analysts still see developers confidence.

Joseph Tan, executive director, residential, CBRE said: “The quantum of the bids signifies developers’ confidence in mass-market housing and in sites that are located near MRT stations.”

The 99-year lease site was launched for tender by HDB on 16 April.

HDB said it will evaluate the provisional tender results and award the tender at a later date.

Source : CNA – 2012 May 31

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More prime housing sites in pipeline

Posted on 30 May 2012 | Comments Off on More prime housing sites in pipeline

Following the announcement that construction works on Bidadari new town will begin by year-end, developers are eyeing new opportunities at other prime residential sites in strategic locations.

According to analysts, thousands of homes are in the pipeline over the next few years, as prime sites not far from the city will be launched, including the Dempsey area and former Bukit Timah Turf Club, as well as Old School at Mount Sophia, Tanglin Village and Caldecott Hill.

Meanwhile, the government has announced that infrastructure works at Bidadari, which includes roads and sewers, will start at the end of the year.

Located near Potong Pasir, Bidadari is expected to yield around 12,000 public and private homes in the next ten years.

According to a spokesman for the Ministry of National Development (MND), the first Build-to-Order (BTO) flats may be launched as early as 2015, depending on demand. As a result, public flats could be completed by around 2018, noted consultants.

The decision to develop Bidadari is part of a twin approach that aims to address the strong housing demand and intensively use land in existing estates.

Consultants are optimistic that interest for homes in Bidadari will be strong, given its proximity to the city centre. In fact, Bidadari is compared to Bishan, which was also a former cemetery but has now become one of the most popular HDB estates.

In addition, Bidadari is close to two MRT stations, Bartley on the Circle Line and Woodleigh on the North-east Line.

Source : PropertyGuru – 30 May 2012

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