Tag Archives: Lorong Chuan

URA’s Serangoon Ave site likely to draw strong bids

Posted on 10 Sep 2009 | Comments Off on URA’s Serangoon Ave site likely to draw strong bids

Higher expectations follow robust bids at Dakota Crescent tender this week

URBAN Redevelopment Authority yesterday launched the tender for a 99-year condo plot at Serangoon Ave 3. Market watchers expect top bids to be towards the upper band of the range of prices they predicted two weeks ago when URA first revealed it had received a successful application for the site, which was in the reserve list.

Launched: The Serangoon Ave site is next to Lorong Chuan MRT Station and near the Australian International School

The revision follows the strong showing at Tuesday’s state tender for a condo plot at Dakota Crescent, which drew 13 bids. URA said yesterday it has awarded the land parcel to UOL Development (Novena) Pte Ltd, which placed the highest bid of about $329 million or $508 per square foot per plot ratio (psf ppr).

URA also announced an Oct 7 closing date for the tender of the latest plot at Serangoon Ave 3, next to Lorong Chuan MRT Station and near Australian International School.

A fortnight ago, property consultants polled by BT generally predicted 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.

Yesterday, DTZ executive director (consulting) Ong Choon Fah predicted the highest offer for the land parcel will probably be towards the $450 psf ppr mark.

Colliers International executive director (investment sales) Ho Eng Joo too is betting that the winning bid will be around the $400 psf ppr level, or the higher end of the $350-$400 psf ppr price band he predicted earlier. Continue reading →

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New terraced house in Serangoon Gardens crosses $900 psf

Posted on 29 Aug 2009 | Comments Off on New terraced house in Serangoon Gardens crosses $900 psf

Last month, more than 20 landed homes in Serangoon Gardens and Lorong Chuan areas changed hands, according to URA Realis database of caveats lodged. From July 24 to 31 alone, contracts were signed for 10 properties — seven terraced houses, a pair of semi-detached homes and a single-storey bungalow.

One of the oldest housing estates in Singapore, Serangoon Gardens Estate was built for British soldiers based on the island in the 1960s, and in the 1970s, it became a popular residential estate among middle-to-up-per-class Singaporeans. In recent years, it has undergone a tremendous transformation with the relocation of the Australian International School (AIS) to Lorong Chuan. The expansion of AIS — it is opening a senior wing in March — as well as the opening of Stamford American School on Aug 17, is likely to lure more expatriate families to the neighbourhood.

One of the transactions between July 24 and 31 involved a relatively new, 2½-storey terraced house, with its own lap pool, on Huddington Avenue. The 2,949 sq ft property was sold for $2.75 million ($931 psf) based on a July 31 contract date. The property last changed hands for $1.4 million Continue reading →

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