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SG New sites to yield 2350 homes

Property Here - Tuesday, November 19, 2013

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In a bid to provide more private housing options for developers and buyers, the HDB and URA released four residential sites for sale this month that are expected to generate 2,350 units.

Launched under the Government Land Sales (GLS) Programme for 2H2013, the 99-year leasehold sites include a land parcel at Upper Paya Lebar Road(pictured) and three executive condominium (EC) sites at Canberra Drive, Anchorvale Crescent and Choa Chu Kang Drive.

The Upper Paya Lebar Road site has an area of 216,113 sq ft and was launched for sale on Monday, together with the EC sites at Canberra Drive and Anchorvale Crescent which measure 307,444 sq ft and 175,236 sq ft respectively.

At the same time, the Choa Chu Kang Drive land parcel with an area of 205,138 sq ft was made available for application on the reserve list.

Commenting, Desmond Sim, Associate Directot at CBRE Research, said: "We expect interest in these sites to be healthy. The number of bidders will probably be in the region of five to six bids per site."

"Joint-Venture bids are also expected to mitigate the risks as well as shore up financial muscle. However, the outlook of market conditions as well as impending supply from the respective sites might put pressure on the final bidding price," he added, explaining that the final bidding price will reflect the winning bidder’s outlook on the market.

The tender exercises will close next year beginning on 14 January for the Upper Paya Lebar Road site, 28 January for the Canberra Drive site and 13 February for the Anchorvale Crescent site.