Tag Archives: Urban Redevelopment Authority

URA launches tender for sites at Farrer Road and Tai Thong Crescent

Posted on 31 Jul 2012 | Comments Off on URA launches tender for sites at Farrer Road and Tai Thong Crescent

The Urban Redevelopment Authority (URA) has launched the residential site at Farrer Road and another residential with 1st storey commercial site at Tai Thong Crescent for sale by public tender today. The sites were made available for sale through the Reserve List system on 30 Apr 2012 and 15 May 2012, respectively.

On 11 July 2012, URA announced that it had received an application from a developer to put up the land parcel at Tai Thong Crescent for public tender at a bid price of not less than $154,474,200.

On 18 July 2012, URA announced that it had received an application from a developer to put up the land parcel at Farrer Road for public tender at a bid price of not less than $28,888,000.

Land Parcel at Tai Thong Crescent (Parcel C)
With a land area of about 0.82 ha, the residential with 1st storey commercial site is expected to generate a gross floor area of about 28,702 m2.
The land parcel is located near Potong Pasir MRT Station and is well connected to major arterial roads and expressways such as Upper Serangoon Road, Pan-Island Expressway (PIE), Central Expressway (CTE) and Kallang Paya-Lebar Expressway (KPE).

Land Parcel at Farrer Road
With a land area of about 0.27 ha, the residential site is expected to generate a gross floor area of about 3,839 m2.
The land parcel is located near Botanic Gardens MRT Station and is well connected to major arterial roads and expressways such as Bukit Timah Road, Dunearn Road, Farrer Road and Pan-Island Expressway (PIE).

Source URA – 2012 Jul 30

 

 

 

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Developers thinking twice

Posted on 30 Jul 2012 | Comments Off on Developers thinking twice

The total transaction value of residential en-bloc properties for the first half of this year has plunged 80 per cent compared to the same period last year, with fewer en-bloc property transactions taking place, according to data from the Urban Redevelopment Authority (URA).

And real estate analysts Channel NewsAsia spoke to believe that this is due to the global economic slowdown and the cooling measures introduced by the government late last year.

In the first half of last year, 28 en-bloc residential properties were successfully transacted but this fell to just eight in the same period this year.

Between January and June this year, the total transaction value of residential en-bloc properties fell to about S$250 million, from almost S$1.6 billion in the same period last year.

Analysts said the additional buyer’s stamp duty introduced by the Government in December last year has curbed speculative demand for properties. In addition, developers who buy en-bloc projects are now required to build and sell all units on the residential site within five years of acquiring the land, or pay an additional 10 per cent in stamp duty.

Ascendant Assets Director Getty Goh said: “In the past, developers can buy certain pieces of land and sit on it almost indefinitely. These days, with all these additional constraints, it would definitely make a developer think twice before proceeding with an en-bloc transaction.”

With more land sites released through the Government Land Sales programme (GLS), developers get more choices which, in turn, pushed down the transaction price of en-bloc projects. Mr Goh said: “About 14 land parcels have been awarded via the GLS. However, the highest that has been transacted at was about S$400 million. Naturally, this puts a price pressure on the en-bloc market.”

The value of en-bloc deals for the first half of this year is 9 per cent of the total transaction value for the whole of 2011. Analysts feel the market is unlikely to top last year’s numbers, but developers would still be keen if the price for en-bloc projects in mature estates is not too high.

Source TOday -2012 Jul 30

 

 

 

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