Tag Archives: Serangoon Ave 3

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 →

ANOTHER suburban residential site on the Government’s reserve list has been triggered for sale, signalling rising developer confidence.

Yesterday, an unnamed developer put in the minimum acceptable bid of $83.7 million, or some $200 per sq ft (psf), for a 1.39ha site in Serangoon Avenue 3.

Property consultants expect to see tender bids coming in at much higher levels because the site is in an established residential area near an MRT station. The 99-year leasehold site is near Lorong Chuan station – one of the first five stations to open on the Circle Line – as well as the Australian International School.

It has a maximum gross floor area of 38,857 sq m, according to the Urban Redevelopment Authority, and can accommodate an estimated 370 housing units. Continue reading →